Trump to propose massive tax cuts for businesses
President Donald Trump plans to propose massive tax cuts for businesses big and small as part of an overhaul that he says will provide the biggest tax cuts in U.S. history.
In addition to big tax cuts for corporations, Trump also wants to cut taxes for small business owners from a top tax rate of 39.6 percent to a top rate of 15 percent, said an official with knowledge of the plan.
The top tax rate for individuals would be cut from 39.6 percent to the “mid-30s,” the official said.
The official, who spoke on condition of anonymity, was not authorized to discuss the plan publicly ahead of Trump’s announcement, scheduled for Wednesday.
White House officials had already revealed that Trump’s plan would reduce the top corporate income tax rate from 35 percent to 15 percent. The plan will also include child-care benefits, a cause promoted by Trump’s daughter Ivanka.