Robert Donachie, DCNF
President Donald Trump’s long-promised reforms to the U.S. tax code will reportedly include tax cuts for the wealthiest Americans, a feature that will surely spark backlash from Democrats.
The administration and Republican Party leadership is planning to cut the tax rate for pass through businesses from 39.5 percent to 35 percent, Axios reports. The majority of U.S. businesses are not subject to the corporate tax rate and instead pay taxes on profits that are passed through to the proprietors of the business and taxed at an individual rate.
Forty-five Senate Democrats sent a letter to Trump and Republican leadership in August in which they wrote “tax reform cannot be a cover story for delivering tax cuts to the wealthiest … We will not support any tax plan that includes tax cuts for the top 1 percent.”
Trump is expected to give a speech in Indiana on Wednesday where he will layout the administration’s plans for tax reform, which he has worked on with party leadership, Secretary of the Treasury Steve Mnuchin and National Economic Council Director Gary Cohn.
Other features of the plan will include dropping the corporate tax rate from 35 to 20 percent, which is 5 percent higher than Trump wanted on the campaign trail.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected].
DONATE TO BIZPAC REVIEW
Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!
- The Florida candidate laser-focused on eradicating horrific animal crimes - March 22, 2024
- Sabo: ‘Rush was our GOAT, there was no equal and he made it look easy’ - February 18, 2024
- Dana Bash appears to want to crawl out of her own skin when Ramaswamy ‘goes there’ on J6 - December 7, 2023
Comment
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.
BPR INSIDER COMMENTS
Scroll down for non-member comments or join our insider conversations by becoming a member. We'd love to have you!