President of the United States of America Donald Trump is expected to announce a massive tax reform plan.
President of the United States of America Donald Trump is expected to announce a massive tax reform plan. The US President will be rolling out the ‘biggest tax cut in history’ and proposed the slashing of corporate taxes and personal taxes too even as there are reports of certain taxes on imported goods being imposed. The announcement of the tax reform can be expected to be just an outline of the actual reform. However, Steven Mnuchin, Treasury Secretary said that it would be the biggest tax cut in the history of the United States. According to AP, the top tax rate for individuals is expected to be cut by a few percentage points; from 39.6% to somewhere in the mid-thirties.
The report also quoted a White House official saying that the small business owners could expect their top tax rate to go from 39.6% to 15%. Meanwhile, the White House officials have already spoken on record saying that the top corporate tax rate would be cut down from 35% to 15%. The announcement would also include plans for childcare benefits; something which reports suggest has been a cause promoted by Ivanka Trump. Trump had reportedly sent his team of strategists to Capitol Hill on Tuesday to discuss the plan with leaders from the Republican Party. GOP Senator Orrin Hatch of Utah, who is also the Chairman if the Senate Finance Committee, told reporters, “They went into some suggestions that are mere suggestions and we’ll go from there.”The White House’s presentation will be “pretty broad in the principles,” said Marc Short, Trump’s director of legislative affairs.
Short added that the President would be soliciting more ideas on different ways to improve the presentation. Short further said that the Oval Office did not want to set up a particular timeline. Meanwhile, republican leaders, who had slammed the ever increasing national debt under Barack Obama, have extended their support for the Republican President. Although, Trumps’ plans might end up adding trillions of dollars the deficit in the next 10 years.