Trump to announce long-awaited tax overhaul plan on Wednesday

Bloomberg out with more details on the US tax overhaul plan due to be announced later on Wednesday.

Key Expectations:

President Donald Trump and Republican leaders will announce their long-awaited tax overhaul plan Wednesday

Propose a top individual rate of 35 percent

Leave to Congress the decision of whether to create a higher bracket for top earners

The rate on corporations would be set at 20 percent, down from the current 35 percent rate

Businesses would be allowed to immediately write off their capital expenditures for at least five years, three people familiar with the plan told Bloomberg News

Companies with accumulated offshore profits would be subject to a one-time tax on those earnings -- clearing the way for that income to return to the US   

The tax framework will still lack extensive details about ways to offset its rate cuts with additional revenue.

However, the state and local tax deduction would be abolished