The White House unveiled a sweeping new tax reform plan on Wednesday, outlining dramatic cuts in federal taxes for businesses and simplifying rules for individuals.
Gary Cohn, White House Chief Economic Adviser, said the plan marks “one of the biggest tax cuts” in U.S. history. “We have a once-in-a-generation opportunity to do something really big,” he said in the White House press briefing.
“Under the Trump plan, we will have a massive tax cut for businesses,” said Treasury Secretary Steve Mnuchin, saying that the corporate tax rate would be slashed to 15 percent under the plan. The current federal corporate tax rate ranges from 15 percent to 35 percent, according to the Government Accountability Office.
The new plan would consolidate three tax brackets for individuals — 10 percent, 25 percent and 35 percent. It also doubles the standard deduction, meaning that a married couple would pay no taxes on the first $24,000 they earn. The current individual tax system has seven brackets, spiking at a rate just shy of 40 percent.
The wide-ranging tax reform blueprint, distributed to reporters today on just one page, contains many of the same ideas that Trump campaigned on during the 2016 election, but does not include intricate details on the plan.
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Here's the tax reform fact sheet being handed out at the press briefing pic.twitter.com/YfnyisMC5f
— Lachlan Markay (@lachlan) April 26, 2017
Mnuchin was asked at least three times whether this tax plan would benefit Trump and his businesses and wouldn't answer directly.
— Lachlan Markay (@lachlan) April 26, 2017
This Trump tax 'plan' is the same as the one released last fall. If his team has been working on it for the last 6mos, we didn't see it 2day
— Zeke Miller (@ZekeJMiller) April 26, 2017
NEW: Statement from @SenateMajLdr @SpeakerRyan @OrrinHatch and @RepKevinBrady on the White House tax plan: pic.twitter.com/7EIZr3XXPy
— Kayla Tausche (@kaylatausche) April 26, 2017
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