Under the broader proposal, corporations would see their top tax rate cut from 35 percent to 20 percent
President Donald Trump speaks to the National Association of Manufactures at the Mandarin Oriental hotel, Friday, September 29, 2017, in Washington. photo: AP/Evan Vucci, photo: AP/Evan Vucci
29 of September 2017 18:56:40
WASHINGTON – President Donald Trump said Friday that the centerpiece of his plan to help U.S. businesses and workers "thrive, compete and grow" is a "giant, beautiful, massive, the biggest ever in our country, tax cut."Trump and congressional Republicans unveiled the broad outlines of the tax plan earlier this week."My administration is working every day to lift the burden on companies and workers so you can thrive, compete and grow," Trump said in a speech to the National Association of Manufacturers. He said the tax cut plan was a core element.The nearly $6 trillion plan sketched out this week by Trump and other officials would deeply reduce taxes for corporations, simplify tax brackets and nearly double the standard deduction used by most tax filers. But many details remain to be fleshed out.In the remarks, Trump highlighted a provision of the plan that would allow businesses for the next five years to write off the full cost of new equipment in the year it's purchased. Trump said that proposal alone will encourage companies to invest and create jobs.Under the broader proposal, corporations would see their top tax rate cut from 35 percent to 20 percent. Seven personal tax brackets would be reduced to three: 12 percent, 25 percent and 35 percent. But the information released didn't include the income levels applied to the rates, making it difficult to know how a typical family's tax bill may be affected.