Congress facing pressure to overhaul tax system

WASHINGTON - It has been 31 years since Congress passed comprehensive tax reform. President Donald Trump thinks that could change soon.

Using the backdrop of a Springfield, Missouri manufacturing company, he made a preliminary pitch for a major overhaul of the personal and corporate tax systems. He has urged the Republican-led Congress to trim the number of tax brackets from seven to three, and cut the corporate tax rate, although he is calling for a more drastic cut than what GOP leaders have suggested.

While Democratic leaders are calling for targeted tax cuts on lower- and middle-income earners, the early structure of the Trump plan is getting high marks from those who believe it could especially benefit small businesses.

On Thursday's "5 @ 6:30," Jim Lokay and Shawn Yancy spoke to Alfredo Ortiz, CEO of the Job Creators Network, who is advocating for major tax reform.