Trump looking to cut tax on businesses

What other proposals with Trump deliver?

President Donald Trump is set to propose cutting corporation tax, he will announce his tax plan later.

White House officials have said the main focus of the announcement will be on a sharp decline in the business tax rate, from 35 per cent to just a mere 15 per cent.

Economists have said this move will add trillions of dollars to the deficit.

However, the Treasury Secretary Steven Mnuchin has said the new tax plan “will pay for itself with economic growth”.

Other proposals expected in Trump’s plan:

  • Some sort of repatriation tax, giving big companies an incentive to bring back money they hold overseas
  • Tax breaks for childcare expenses
  • Large increase to standard tax deduction
  • A cut in individual rates, although few details expected yet

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