Trump proposing tax cuts for companies big and small
US President Donald Trump is proposing dramatically reducing the taxes paid by corporations big and small in an overhaul his administration says will spur economic growth and bring jobs and prosperity to the middle class.
The White House on Wednesday was to release broad outlines of a tax plan that would cut the top rate for small businesses from 39.6 percent to 15 percent, according to an official with knowledge of the plan. A top rate cut for individuals would be more modest, from 39.6 percent to the "mid-30s," said the official, who was not authorized to publicly discuss the proposal before the announcement and spoke on condition of anonymity.
White House officials already have said the top corporate tax rate would be reduced from 35 percent to 15 percent. The plan will also include child-care benefits, a cause promoted by Trump's daughter Ivanka.
