Trump cites new tax plan details

WASHINGTON — President Trump said Sunday the White House has “totally finalized” a tax plan, but the particulars differed substantially from what has been reported about the proposal.

“I think it’ll be terrific.… I think it’s going to go through, and it will be the largest tax cut in the history of the country,” the president told reporters as he prepared to return to the White House from his New Jersey golf resort.

Trump said he hoped for a corporate tax rate of 15%, a figure he has used before. Congressional officials have said they hope to cut the current rate of 35% to 20%.

Asked whether the finalized plan in fact called for a rate of 15%, Trump said: “We’ll see what happens. But I hope it’s going to be 15%.”

Trump added that such a cut in the corporate rate would “bring jobs back into our country,” a premise that many economists question.

The president also said the individual rate would be 10% or 12%, “much lower than it is right now.”

Reports have said the plan calls for lowering the top bracket for individuals to 35% from what is currently 39.6%. It was not clear if Trump was disclosing what rates in other tax brackets would be or citing figures that are no longer under discussion.

Trump has said previously that the plan would not cut taxes for the wealthiest Americans, and Democrats have said they would not support a blueprint that did so.