Speaking at at an event hosted by The Hill this morning, Treasury Secretary Steven Mnuchin made a grand introduction for today’s main event: he said President Trump’s forthcoming tax plan will be the “biggest” tax cut in history, even if he provided few clues as to what will actually be contained in the package, set to be unveiled at 1:30pm today.
As previewed last night, Mnuchin confirmed that the proposal would cut tax rates for businesses to 15%, with the rate applying to both corporations and owner-operated businesses known as “pass-throughs.” The 15% rate was also part of Trump’s campaign plan. Mnuchin said that Trump thinks that’s “absolutely critical” for driving economic growth. As the Hill adds, Mnuchin also said that the administration wants to simplify the personal tax system and that most Americans should be able to file their taxes on a large postcard, although so far there has been virtually no discussion, or leaks, on whether personal income taxes would be affected
‘The average American should have simple taxes,’ Mnuchin said, adding that many people won’t end up paying any taxes under the administration’s plan.
Mnuchin also said that Trump’s proposal won’t include infrastructure spending. ‘This plan is just tax reform,’ he said.
This post was published at Zero Hedge on Apr 26, 2017.
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