A Republican tax reform blueprint to be released this week is expected to call for slashing both corporate and individual tax rates, three sources familiar with the negotiations said, as details start to leak out on the highly anticipated plan.
The outline from top negotiators in Congress and the Trump administration, known collectively as the Big 6, will propose bringing the corporate rate down to 20 percent, a compromise for President Donald Trump, who has advocated for a 15 percent rate over the protestations of some administration officials and congressional leaders such as House Speaker Paul Ryan.
The plan will also call for condensing individual tax brackets from seven to three, with the highest rate at 35 percent, down from the current 39.6 percent, an idea the administration also proposed in a one-page document released in April.
“We have a tax plan that is totally finalized,” Trump told reporters on Sunday evening before boarding a plane to Washington after spending the weekend in New Jersey. “I think it’ll be terrific. I think it’s going to go through.”
The president, however, still seemed stuck on the idea of the 15 percent corporate rate.
“We’ll see what happens. But I hope it’s going …read more
Via:: Politico Top Stories