White House, Republicans see 'swift action' on tax cut plan

WASHINGTON, Oct 31 (Reuters) - The White House and Republican lawmakers said on Wednesday they will take "swift action" next year on a 10 percent tax cut for middle-class Americans, as Republicans battle to retain control of the U.S. House of Representatives in next week's elections.

In a joint statement, the White House and Republican members of the tax-writing House of Representatives Ways and Means Committee said they would act on the tax-cut legislation at the start of the new Congress, which will be seated in January.

President Donald Trump, who is campaigning to boost his party's chances in the Nov. 6 voting, earlier this month said he wanted the tax cut for the middle class after being criticized for a 2017 tax overhaul that was seen as benefiting wealthier Americans and corporations.

"We are committed to delivering an additional 10 percent tax cut to middle-class workers across the country. And we intend to take swift action on this legislation at the start of the 116th Congress," Wednesday's statement said.

It did not give details on the plan.

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Companies that have given bonuses, increased pay since tax bill passed
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Companies that have given bonuses, increased pay since tax bill passed

Walmart

(Photo by Scott Olson/Getty Images)

Apple Inc.

(Luke Sharrett/Bloomberg via Getty Images)

Comcast 

(Photo by Justin Sullivan/Getty Images)

Starbucks

(Photo by Zhang Peng/LightRocket via Getty Images)

American Airlines

(REUTERS/Joshua Roberts)

AT&T

(REUTERS/Rick Wilking

The Walt Disney Co.

(REUTERS/Mario Anzuoni)

Sinclair Broadcast

(Photo via Facebook)

Bank of America

(BRYAN R. SMITH/AFP/Getty Images)

Alaska Airlines

(Photo by FG/Bauer-Griffin/GC Images)

BB&T bank

(REUTERS/Jim Young)

JetBlue 

(REUTERS/Brian Snyder)

Fifth Third Bank

(REUTERS/Joe Skipper)

Nationwide

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PNC Financial

(Christopher Dilts/Bloomberg via Getty Images)

Southwest Airlines

(REUTERS/Lucy Nicholson)

US Bancorp

(Christopher Dilts/Bloomberg via Getty Images)

Boeing 

(REUTERS/Jim Young)

JPMorgan Chase

(Daniel Tepper/Bloomberg via Getty Images)

Wells Fargo & Co.

(Daniel Tepper/Bloomberg via Getty Images)

Home Depot

(EDUARDO MUNOZ ALVAREZ/AFP/Getty Images)

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If Republicans lost control of their majority in the House then any consideration of a tax cut would be moot. Opinion polls show Democrats have a chance at achieving the net gain of 23 seats they need to win a House majority.

Even if Republicans retain control of both House and Senate, getting a tax cut through the Senate would be difficult given concerns about its impact on the budget deficit.

(Reporting by Eric Beech; editing by Mohammad Zargham and Grant McCool)

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