Treasury Secretary Steve Mnuchin confirmed Wednesday that the Trump administration aims to lower the corporate tax rate to 15 percent, saying a forthcoming proposal will constitute the “biggest tax cut” for Americans in history.
“This is going to be the biggest tax cut and the largest tax reform in the history of our country,” Mnuchin said, as administration officials prepare to outline Wednesday afternoon what he described as “principles” of their tax plan.
Mnuchin, speaking at a Washington forum hosted by The Hill, would not reveal many specifics but confirmed that they want to lower the corporate rate to 15 percent, from 35 percent.
“I will confirm that the business tax is going to be 15 percent,” he said. “[Trump] thinks that’s absolutely critical to drive growth.” Read more at Fox News.
{Matzav}
Who And What are going to pay for this?!?!
More Humongous deficits?
Nope. If you spend less, you can tax less.
Mnuchin said it will pay for itself with the increase of business revenues and because more businesses will report profits within US instead of trying to find ways to let their subsidiaries in other countries report it as earnings.