“If we have them for 10 years, that’s better than nothing.”
Beyond cutting the tax rate to 15 percent for large corporations, which now pay a rate of 35 percent, Mr. Trump also wants
that rate for a broad range of firms known as pass-through entities — including hedge funds, real estate concerns like Mr. Trump’s and large partnerships — that currently pay taxes at individual rates, which top off at 39.6 percent.
“I think the president is going bold here.”
Mr. Mnuchin said this week that the tax changes would spur the economy to grow
by 3 percent, which he said would pay for the vast cuts in federal revenues.
White House Proposes Slashing Tax Rates for Individuals and Businesses -
By ALAN RAPPEPORT and JULIE HIRSCHFELD DAVISAPRIL 26, 2017
WASHINGTON — President Trump on Wednesday proposed sharp reductions in both individual
and corporate income tax rates, reducing the number of individual income tax brackets to three — 10 percent, 25 percent and 35 percent — and easing the tax burden on most Americans, including the rich.
Mr. Mnuchin offered few specifics about the blueprint, other than confirming
that its centerpiece will be a 15 percent business tax rate, which would apply not only to corporations, but also to small businesses and other large owner-operated conglomerates, such as Mr. Trump’s real estate empire.
But there was no expectation that the White House would elucidate how the deep cuts would be financed,
and administration officials are cognizant of the challenges of pushing through a proposal that could dramatically add to the national debt.