|President Trump on Wednesday proposed sharp tax cuts for businesses and individuals, promising that the overhaul would help pay for itself by dramatically boosting economic growth. Critics, however, said that the steep reductions would inflate the federal deficit. Trump proposed reducing the corporate tax rate from 35 percent to 15 percent. The plan also would double the standard amount that individual taxpayers can deduct, potentially saving middle class families thousands of dollars a year. The proposal, a one-page sketch short on detail, also would allow private business owners to claim the new lower rate for their take-home pay. It would reduce the number of tax brackets for individuals from seven to three, and lower the top tax rate from 39.6 percent to 35 percent.
Source: The Associated Press, The New York Times