Trump Tax Plan Proposes Dramatic Cuts
(26 Apr 2017) 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. Trump wants to simplify the personal tax code by cutting rates and eliminating deductions used by more affluent Americans. White House economic adviser Gary Cohn says the plan would cut the top income tax rate from 39.6 percent to 35 percent. It also would reduce the number of personal income tax brackets to three from seven. The new tax rates would be 10 percent, 25 percent and 35 percent. The plan would double the standard deduction for married couples to $24,000, while keeping deductions for charitable giving and mortgage interest payments. The plan would trim other deductions used by high-income Americans, including state and local tax payments. Treasury Secretary Steve Mnuchin says President Donald Trump's tax plan will amount to — in Mnuchin's words — "the biggest tax cut" and the "largest tax reform" in U.S. history. Trump wants cuts for individuals and businesses, even as the government struggles with mounting debt. The president is trying to make good on promises to bring jobs and prosperity to the middle class. White House officials already have said the top corporate tax rate would drop from 35 percent to 15 percent under Trump's plan. The U.S. treasury secretary also says President Donald Trump "has no intention" of releasing his taxes returns to the public. Steve Mnuchin made the comment while briefing reporters on the president's new proposed tax plan Wednesday. Trump has repeatedly refused to make his past returns public, breaking decades of tradition. He says it's because his taxes are being audited by the IRS. While it's impossible to know for sure without access to his returns, Trump's proposed tax plan could save the president and his family significantly. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: / ap_archive Facebook: / aparchives Instagram: / apnews You can license this story through AP Archive: http://www.aparchive.com/metadata/you...
