Investing.com - President Donald Trump’s tax reform is expected to eye big cuts to corporate rates.
The Trump administration is expected Wednesday to unveil its overhaul of the tax code.
The plan is seen targeting a cut in the top-rate on pass-through businesses to 15% from 39.6%.
The rate for public corporations would also be slashed to 15% from 35%, an administration official said Tuesday.
Multinationals would also be allowed to repatriate overseas profits at a rate of 10%, down from 35% currently.
The top personal income tax rate may also be capped at 33%.
The plan does not include proposals advanced by some Republicans for a “border-adjustment” import tax to offset revenue losses.
Treasury Secretary Steven Mnuchin has argued that the tax cuts will pay for themselves by generating higher revenues on increased growth.
But some Republicans and Democrats argue the overhaul could swell the federal deficit.
A senior White House official said Trump would like Congress pass the plan by the middle of the fall.
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