WASHINGTON (AP) — The Latest on President Donald Trump’s tax overhaul (all times EDT):
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.
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