President Trump proposes giant corporate tax cut

President Donald Trump on Wednesday proposed slashing the rate of corporation tax with the aim of spurring economic growth, the Treasury Secretary said.

Treasury Secretary Steve Mnuchin unveiled President Trump’s blueprint, which aims to cut the business tax rate from 35 per cent to 15 per cent.

Economists say the policy would add trillions of dollars to the deficit over the next decade.

But the treasury secretary said the tax plan would pay for itself “through growth, through deductions and closing loopholes”.

Secretary Mnuchin, joined White House chief economic adviser Gary Cohn on Wednesday to announce the tax proposal, which he billed as “the biggest tax cut” in history.

During his presidential campaign, Donald Trump released a tax plan that was fairly traditional by Republican standards and fairly light on details.

Now the Trump administration has released a new, different tax plan. It is also fairly traditional by Republican standards and equally vague.

Republican lawmaker Kevin Brady, who heads the House Ways and Means Committee and co-chairs Congress’ tax-writing panels, praised the broad tax outline, according to BBC.