On Wednesday, President Trump will announce his plan to overhaul the tax code, including his proposal to cut the corporate tax rate from 35 percent to 15 percent, White House officials told The Washington Post on Monday. Independent analysts have estimated a cut this severe could cost the federal government $2.4 trillion over 10 years, and it’s a deeper cut than what House Republicans have proposed. Most companies do not pay the 35 percent rate because of deductions, and these changes will have to be backed by Congress with bipartisan support in order to pass. During his speech, Trump is expected to discuss changes to personal income tax as well.
WSJ: Trump told staff he wanted to see a 15% corporate tax rate—cut from 35%—when they present his tax plan to him. https://t.co/hSjEHu0nuS
— Kyle Griffin (@kylegriffin1) April 24, 2017