Critics immediately called it “basically a huge tax cut for the rich”. Trump to unveil proposal for slashing corporate tax rate to 15% Read moreThe plan would cut the US’s individual income tax brackets from seven to three (10%, 25% and 35%) and slash US corporate tax rates from 35% to 15%. He described the proposals as “the biggest tax cut and the largest tax reform in the history of our country.”The president will not be the only Trump administration official to benefit from the tax cuts. A 20-percentage-point cut to corporate tax rates alone would add $2.4tn to the national debt, according to nonpartisan pressure group Americans for Tax Fairness. Hunter Blair, budget analyst at the left-leaning Economic Policy Institute, said the proposals were “basically a huge tax cut for the rich.

Source: The Guardian April 26, 2017 18:13 UTC