Trump to unveil tax bill Wednesday in Indiana: 3 brackets, compared to current 7

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The framework, expected to be released on Wednesday, will likely feature dramatically lower rates for most — if not all — households and businesses, according to several people familiar with the plans. However, as of Sunday night, the so-called Big Six had not yet finalized how much detail to provide on other key elements of tax reform, such as whether to allow full and immediate expensing and perhaps most critically, how to pay for the tax cuts.

Wednesday's announcement is not expected to include any provisions to raise revenue.

Some of the expected tax provisions include:

A Republican familiar with the White House plans confirmed negotiators are pursuing a corporate rate of 20 percent, despite President Donald Trump's suggestion Sunday afternoon that he would still prefer to see a 15 percent rate.

The framework would also set a slightly higher rate of 25 percent for "pass through" businesses, the person said.

The administration is also pushing for a top individual rate of 35 percent — the same number it proposed in a one-page outline of principles in April, according to the source. But there is not yet agreement among the negotiators over what the effective rate for the wealthiest households should be.

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