The House Freedom Caucus — a group of around 35 ultra-conservative House Republicans who can block their party's leadership on key legislation — is in the final stages of drafting its own tax plan, according to sources familiar with the process.
Freedom Caucus chairman Mark Meadows is expected to unveil his group's tax reform plan in the near future.
But sources familiar with the arrangements have leaked key details in the current draft of the Freedom Caucus plan. (These details haven't yet been formally discussed within the group and therefore aren't set in stone):
- Slashes the corporate tax rate from 35% to 16%.
- Doubles the standard deduction for individuals.
- Abandons "revenue neutrality," the dogma that tax reform mustn't worsen currently projected deficits.