Trump makes last major pitch for tax overhaul

Washington [USA]: United States President Donald Trump made his closing arguments for tax reform, just hours after the White House and Senate negotiators reached an 'agreement in principle' on an overhaul.

Speaking from the White House, Trump cast the GOP's tax bill as a boon to middle-class families and a victory for ordinary Americans over what he described as out-of-control government bureaucracy.

"Our tax cuts will break down - and they'll break it down fast - all forms of government and all forms of government barriers and breathe new life into the American economy. They will unleash the American people, they will tear down the constraints on discovery, innovation and creation, and they will restore the hopes and dreams of the American family. Millions of middle class families will win under our plan," Trump said.

The speech comes as congressional negotiators are working to reconcile separate bills passed by the House and Senate. The tax overhaul can give the president his first major legislative victory.

The final version of the bill is expected to lower the top individual rate from 39.6 per cent to 37 per cent and will implement a cap on the popular mortgage interest deduction at USD 7,50,000.

The corporate tax rate will be cut to 21 per cent, and the deduction for pass-through companies will be 20 per cent.

Trump on Wednesday predicted the tax bill would pass with "very little Democrats support, probably none."

"That's purely for political reasons. They like it a lot and they can't say it," he said.