Americas...:Trump Plans Biggest Tax Cut In History, Wealthy ...

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Trump Plans Biggest Tax Cut In History, Wealthy Americans Are Set To Benefit

Local Editor

US President Donald Trump proposed a plan to cut the income tax rate for America's top earners by close to five percent as part of reforms promised during his election campaign.

The proposal would reduce the number of US tax brackets from seven to three, according to a White House summary.

Trump's plan would also double the standard deduction Americans are able to claim on their tax returns.

The reforms also include a "massive tax cut" for businesses, with rates being slashed to 15 percent.

"Under the Trump tax plan we will have a massive tax cut for businesses and massive tax reform and simplification," Treasury Secretary Steven Mnuchin told a press conference.

Mnuchin on Wednesday evaded questions about how the government would avoid a deficit under the reduced rates.

"There's lots and lots of details that are going into how that will pay for itself," he said. Mnuchin and Gary Cohn, the president's chief economic adviser, said the president continues to work with Congress on the details of the plan.

Source: News Agencies, Edited by website team