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Republicans agree to raise bottom tax rate, double standard deduction

Photo: Pablo Martinez Monsivais / AP

Top White House and GOP leaders have agreed to raise the lowest individual tax rate from 10 to 12 percent, paired with doubling the standard deduction, 5 senior Republicans tell us.

Why this matters: Trump intends to sell the proposal tomorrow as a populist "tax cut." But as recently as yesterday top Republicans on Capitol Hill were nervous as they got word that Trump wasn't entirely thrilled with the product that had been hashed out in immense secrecy for weeks (with two members of his administration, Gary Cohn and Steven Mnuchin, working with GOP leaders.)