President Trump is known to think, talk and act big. That’s his shtick. So when he promises tax reform and a tax break, expect his initial proposal to be big.
Treasury Secretary Steve Mnuchin (mih-NOO’-shin) says President Donald Trump’s tax plan will amount to — in Mnuchin’s words — “the biggest tax cut” and the “largest tax reform” in U.S. history.
Mnuchin gave that description during a speech in Washington on Wednesday morning. The White House is set to release the broad outlines of Trump’s proposed overhaul later in the day.
Trump wants cuts for individuals and businesses, even as the government struggles with mounting debt. The president is trying to make good on promises to bring jobs and prosperity to the middle class.
The top tax rate for individuals would fall by a few percentage points, from 39.6 percent to the “mid-30s.” That’s according to an official familiar with the plan. The official wasn’t authorized to publicly discuss the plan before Trump’s announcement, and spoke on condition of anonymity.
White House officials already have said the top corporate tax rate would drop from 35 percent to 15 percent under Trump’s plan.
One more reason that President Trump will go down as one of the great Presidents of all time. The most important aspect of a nation’s power is its wealth. Lowering the tax rate will increase growth which will increase revenues to the government.
President Trump understands that economic prosperity is the highway to all other forms of prosperity. MAGA.