The Latest: Official estimate could upend Trump tax plan
The Latest on President Donald Trump’s tax plan (all times local):
A new congressional estimate could upend President Donald Trump’s tax plan even before he releases it.
Trump is scheduled to unveil the broad outlines of a tax overhaul Wednesday. As part of the plan, he would propose a massive cut in the corporate income tax, reducing the top rate of 35 percent to 15 percent.
The official budget scorekeeper for Congress said Tuesday that even a more modest rate cut, to 20 percent, would add to long-term budget deficits — even if the tax cut is temporary.