Donald Trump revealed his administration’s proposal to curtail tax rates for corporations, which they considered the largest tax reductions in the history.
US Treasury head Steven Mnuchin reiterated on Wednesday the plan would curb corporate tax rates to 15% and lower the tier for individual income tax to three classifications.
Mnuchin, who announced the proposal alongside main economic adviser Gary Cohn, noted the proposal would ditch other types of tax including the estate tax, and form new incentives. He added it would ignite economic expansion, job creation, and end loopholes.
During the announcement, the two administration officials avoided answering questions on how American people and the economy would gain from the plans.
Critics denounced Trump’s plan, saying it is essentially a big tax cut benefiting wealthy people. Economists argued this would inject multi-trillion dollars to the deficit over the following years.
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April 27, 2017 at 08:19AM
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