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Trump proposes dramatic tax cuts for companies big and small

US President Donald Trump proposed dramatic cuts in the taxes paid by corporations big and small Wednesday in an overhaul his administration says will spur economic growth and bring jobs and prosperity to America's middle class. But his ambitious plan alarmed lawmakers who worry about ballooning federal deficits.

 

The plan would also reduce investment and estate taxes aimed at the wealthy, though administration officials said the cuts would ensure the plan would largely help the middle class instead of the affluent. "The president owns this plan; don't be mistaken," said Gary Cohn, director of the White House National Economic Council. "We know this is difficult," added Cohn. "We know what we're asking for is a big bite."

 

As Cohn and Treasury Secretary Steven Mnuchin explained it in an interview, the plan would reduce the number of personal income tax brackets to three from seven: rates of 10 percent, 25 percent and 35 percent. It would double the standard deduction for married couples to $24,000, while keeping deductions for charitable giving and mortgage interest payments. The administration plans to provide tax relief for families with child care expenses, too, although the specifics have yet to be included.

 


פרסום ראשון: 04.26.17, 21:24