Trump, GOP pushing 1st tax revamp in 3 decades

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Trump, GOP pushing 1st tax revamp in 3 decades. Alicia Vitarelli reports during Action News at 4 p.m. on November 2, 2017. (WPVI)

House Republicans have released their tax cut plan - and it would slash the corporate tax rate, lowers taxes for most people and limit a cherished deduction for homeowners.

President Donald Trump and the GOP are trying to deliver on the first tax revamp in three decades.

The proposal would add $1.5 trillion to the nation's debt over the next decade.

Middle-income families would pay less thanks to doubling of the standard deduction and an increase in the child tax credit.

The wealthy would benefit from the repeal of the alternative minimum tax and a phase out of the estate tax.

Some two-income, upper middle class families would pay more after being bumped into a higher tax bracket and losing a valuable deduction on state income taxes.

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(Copyright ©2017 by The Associated Press. All Rights Reserved.)