Business Desk :
President Trump on Wednesday proposed sharp reductions in individual and business income tax rates and a radical reordering of the tax code that would significantly benefit the wealthy, but he offered no explanation of how the plan would be financed.
Treasury Secretary Steve Mnuchin unveiled President Trump’s blueprint, which aims to cut the business tax rate from 35 per cent to 15 per cent.
Trump’s skeletal outline of a tax package, unveiled at the White House in a single-page statement filled with bullet points, was less a plan than a wish list.
Economists say the policy would add trillions of dollars to the deficit over the next decade. But the treasury secretary said the tax plan would pay for itself “through growth, through deductions and closing loopholes”.
Secretary Mnuchin, joined White House chief economic adviser Gary Cohn on Wednesday to announce the tax proposal, which he billed as “the biggest tax cut” in history.
During his presidential campaign, Donald Trump released a tax plan that was fairly traditional by Republican standards and fairly light on details. Now the Trump administration has released a new, different tax plan. It is also fairly traditional by Republican standards and equally vague.
Republican lawmaker Kevin Brady, who heads the House Ways and Means Committee and co-chairs Congress’ tax-writing panels, praised the broad tax outline.
President Trump on Wednesday proposed sharp reductions in individual and business income tax rates and a radical reordering of the tax code that would significantly benefit the wealthy, but he offered no explanation of how the plan would be financed.
Treasury Secretary Steve Mnuchin unveiled President Trump’s blueprint, which aims to cut the business tax rate from 35 per cent to 15 per cent.
Trump’s skeletal outline of a tax package, unveiled at the White House in a single-page statement filled with bullet points, was less a plan than a wish list.
Economists say the policy would add trillions of dollars to the deficit over the next decade. But the treasury secretary said the tax plan would pay for itself “through growth, through deductions and closing loopholes”.
Secretary Mnuchin, joined White House chief economic adviser Gary Cohn on Wednesday to announce the tax proposal, which he billed as “the biggest tax cut” in history.
During his presidential campaign, Donald Trump released a tax plan that was fairly traditional by Republican standards and fairly light on details. Now the Trump administration has released a new, different tax plan. It is also fairly traditional by Republican standards and equally vague.
Republican lawmaker Kevin Brady, who heads the House Ways and Means Committee and co-chairs Congress’ tax-writing panels, praised the broad tax outline.
