Economy & Politics

Donald Trump Tax Plan Proposal: Sharp Reduction in Business Tax Rate

President Donald Trump is to announce his intention to cut the rate of corporation tax when he presents his tax plan later.

According to White House officials, the centerpiece of April 26 announcement will be a sharp reduction in the business tax rate, from 35% to 15%.

Economists say the tax cuts will add trillions of dollars to the deficit over the next decade.

However, Treasury Secretary Steven Mnuchin has said the tax plan “will pay for itself with economic growth”.

Steven Mnuchin declared it “the biggest tax cut and largest tax reform in history of this country”, according to The Hill.

Image source Flickr

Also expected in the plan:

  • some sort of repatriation tax, giving big companies an incentive to bring back money they hold overseas
  • tax breaks for childcare expenses
  • large increase to standard tax deduction
  • a cut in individual rates, although few details expected yet
  • more tax rate cuts for hedge funds, and other enterprises that pay taxes at individual rates
  • easing the tax form process

Donald Trump’s blueprint is not expected to include any proposals for raising new revenue.

The much-discussed border tax that would put a tariff on imports – favored by House Speaker Paul Ryan – will not be in the plan.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

2 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

2 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago

America PAC: Elon Musk Promises to Award $1M Each Day to Swing States Voters

Elon Musk has said he will give away $1 million a day to a registered…

2 weeks ago

Canada Expels 6 Indian Diplomats Amid Khalistan Row

India and Canada have decided to expel their top envoys along with other diplomats as…

3 weeks ago