Ingram Publishing/iStock/Thinkstock(WASHINGTON) — The White House unveiled its much-anticipated tax reform plan Wednesday, outlining dramatic cuts in federal taxes for businesses while aiming to simplify the code for individuals.
Gary Cohn, White House Chief Economic Adviser, said the plan marks “one of the biggest tax cuts” in U.S. history. “We have a once-in-a-generation opportunity to do something really big,” he said in the White House press briefing.
Administration officials are calling this a “first draft” — an outline of priorities and principles.
“Under the Trump plan, we will have a massive tax cut for businesses,” said Treasury Secretary Steve Mnuchin. The new plan will have three personal tax brackets — 10 percent, 25 percent and 35 percent.
The corporate tax rate would be slashed to 15 percent under the plan.
President Trump’s tax reform plan- just handed out by the wh .. on a single page pic.twitter.com/FyL9Scq8UT
— Cecilia Vega (@CeciliaVega) April 26, 2017
In the final hours leading up to its release, some key parts were still a work in progress.
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