President Donald Trump is proposing “the biggest tax cut” ever even as the government struggles with mounting debt, in an effort to fulfill promises of bringing jobs and prosperity to the middle class.
An official with knowledge of the plan tells The Associated Press that White House officials are expected to announce today broad outlines of a tax overhaul that would provide massive tax cuts to businesses big and small. The top tax rate for individuals would drop by a few percentage points, from 39.6% to the “mid-30s.”
Small business owners would see their top tax rate go from 39.6% to 15%, says the official, who was not authorized to publicly discuss the proposal before the White House announcement and spoke to The AP on condition of anonymity.
Treasury Secretary Steve Mnuchin says the proposed overhaul would amount to “the biggest tax cut” and the “largest tax reform” in U.S. history.
White House officials already have said the top corporate tax rate would be reduced from 35% to 15%. The plan will also include child-care benefits, a cause promoted by Trump’s daughter Ivanka.
