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Trump's 'biggest tax cut' ever not a loophole for rich: Treasury secretary

Source: nola.com/politics/index.ssf/2017/04/trumps_biggest_tax_cut_ever_no.html#incart_river_index - Apr 27, 2017

WASHINGTON -- President Donald Trump is proposing "the biggest tax cut" ever, even as the government struggles with mounting debt, in an effort to fulfill his promises to stimulate job creation and middle class prosperity.

White House officials on Wednesday (April 25) were to release 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 percent to the "mid-30s," according to an official with knowledge of the plan.

Small businesses would see their top tax rate go from 39.6 percent to the proposed corporate tax rate of 15 percent, said Treasury Secretary Steven Mnuchin in a Wednesday morning speech.

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Category: General Business