Mr. Trump’s plan reportedly will cut corporate tax rates to 15 percent from 35 percent, and cut taxes for small businesses and other firms that pay through personal income taxes as well. Mr. Mnuchin argues that an ambitious tax cut would unleash businesses that now feel constrained by one of the highest corporate tax rates in the world. The question comes down to how the effect of a tax cut is measured. “A reasonable rule of thumb, in my judgment, is that about one-third of the cost of tax cuts is recouped via faster economic growth,” he said. “I certainly want to see corporate taxes decreased,” Representative Leonard Lance, Republican of New Jersey, said on CNN.

Source: New York Times April 26, 2017 00:29 UTC