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Mike Pence makes remarks on tax reform

Vice President Mike Pence spoke at the American Enterprise Institute to make remarks about Republican efforts to cut taxes and streamline the tax code. 

"The facts speak for themselves, the president has restored America's strength, at home and abroad," Pence said, calling the administration's tax reform goals "historic."

Speaker Paul Ryan said Tuesday that the House aims to pass a tax reform package by the week of Thanksgiving with the goal of getting the legislation out of Congress by the end of the year. This is the first week back for House lawmakers after a recess from Capitol Hill last week. 

"We're going to cut taxes across the board for working families, small business, and family farms," Pence said, promising the lowest taxes since 1931.

The Trump administration's proposal for changes to the tax code would slash the corporate rate, drop the tax rates for the wealthiest Americans and include a bottom tax rate that increases slightly.

Corporations would see their tax rates dropped from 35 percent to 20 percent. For individuals, the top tax bracket would likely drop from nearly 40 percent to 35 percent, and the bottom tax rate will increase from 10 percent to 12 percent.

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