Tuesday 19 March 2024
 
»
 
»
Story

Trump to propose 'biggest tax cut in history'

WASHINGTON, April 26, 2017

US President Donald Trump is to propose slashing the rate of corporation tax when he announces his tax plan later, according to a BBC report.

White House officials say the centrepiece of Wednesday's announcement will be a sharp reduction in the business tax rate, from 35 per cent to 15 per cent.

"We want to move as fast as we can," Steven T. Mnuchin, the Treasury secretary, said at an event in Washington as the White House planned an afternoon rollout of its principles for what it bills as the first overhaul of the tax code in three decades.

“This bill is about creating economic growth and jobs,” he was quoted as saying in the New York Times.

He vowed it would be “the biggest tax cut and the largest tax reform in the history of our country,” in line with Trump’s grandiose portrayal.

But there was no expectation that the White House would elucidate how the deep cuts would be financed, and administration officials are cognizant of the challenges of pushing through a proposal that could dramatically add to the national debt, stated the NYT report.

Mnuchin offered few specifics about the blueprint, other than confirming that its centerpiece will be a 15 per cent business tax rate, which would apply not only to corporations, but also to small businesses and other large owner-operated conglomerates, such as Trump’s real estate empire.

He also said the White House is not on board with the border-adjustment tax that is central to House Republicans’ tax plan “in its current form,” setting up an intraparty struggle over the elements of the plan and how to offset the deep reductions envisioned, he stated.

The long-awaited White House blueprint is intended to formally begin the push to get a tax overhaul done before the end of the year, said the report.




Tags: Trump |

More INTERNATIONAL NEWS Stories

calendarCalendar of Events

Ads