Major tax cuts for companies
Americans who approve of his performance, a record-low for a new president
Disapproval rating, making him the first president to have such a poor showing
President Donald Trump is proposing to dramatically reduce the taxes paid by corporations big and small in an overhaul his administration says will spur economic growth and bring jobs and prosperity to the middle class.
The White House was poised to release broad outlines of a tax plan that would cut the top rate for small businesses from 39.6% to 15%, according to an official Visits to golf courses
Executive orders, memoranda and proclamations signed
(as of April 25)
Days at White House with knowledge of the plan. A top rate cut for individuals would be more modest, from 39.6% to the “mid-30s,” said the official, who spoke on condition of anonymity.
White House officials have said the top corporate tax rate would be reduced from 35% to 15%. The plan will also include childcare benefits, a cause promoted by Trump’s daughter Ivanka.
Treasury Secretary Steve Mnuchin said on Wednesday the overhaul would amount to “the biggest tax cut” and the “largest tax reform” in US history. The claim suggests the cuts would reduce more than $600 billion a year in revenue, or roughly 4% of the economy, exceeding the size of President Ronald Reagan’s 1981 tax package.
The White House proposal does not include budget cuts or tax increases. AP