Donald Trump has revealed a broad outline of the tax reform plan he pledged to deliver throughout his campaign.
The most striking section of the plan is a proposed 15 per cent tax rate for businesses – a 20 per cent drop from the current rate. The plan also increases the standard deduction for individuals, providing modest relief for middle-incomes households.
Treasury Secretary Steven Mnuchin hailed the plan as “the biggest tax cut and the largest tax reform in the history of our country” at an event before the unveiling.
House Democrats on Wednesday criticised the plan as a “non-starter,” citing the business tax cut as particularly egregious.
“The Republican House Ways and Means chairman is not even starting at 15,” said congressman Joe Crowley. “[The White House needs] to get their act together.”
