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Trump: US faces ‘once in a lifetime opportunity’ on taxes

October 18, 2017

President Donald Trump, right, sitting next to Sen. Claire McCaskill, D-Mo., left, speaks during a meeting with members of the Senate Finance Committee and members of the President's economic team in the Cabinet Room of the White House in Washington, Wednesday, Oct. 18, 2017. (AP Photo/Susan Walsh)

WASHINGTON (AP) — President Donald Trump says the nation faces a “once in a lifetime opportunity” to overhaul the tax system.

Trump spoke during a White House meeting with a group of senators. The president is convening Republicans and Democrats from the tax-writing Senate Finance Committee to build support for his plan. Trump says it will provide the largest tax cuts in the country’s history and is outlining details of the plan.

It calls for a large cut to the corporate tax rate, reducing it from 35 percent to 20 percent, and an end to the estate tax. The president was seated next to Utah Sen. Orrin Hatch, a Republican, and Missouri Sen. Claire McCaskill, a Democrat.

Trump says, “a lot of people are liking” his plan, which still lacks specific legislation.

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