Treasury Secretary Steve Mnuchin confirmed Wednesday that the Trump administration aims to lower business tax rates to 15 percent, saying a forthcoming proposal will constitute the “biggest tax cut” for Americans in history. “This is going to be the biggest tax cut and the largest tax reform in the history of our country,” Mnuchin said, as administration officials prepare to outline Wednesday afternoon what he described as “principles” of their tax plan. The top small business rate is 39.6 percent; the current corporate tax is 35 percent. Amid concerns that such sweeping tax cuts would significantly reduce revenue for the government, he suggested economic growth will help pay for the plan. On Tuesday, the official scorekeeper for Congress dealt a blow to the argument that tax cuts pay for themselves.

Source: Fox News April 26, 2017 13:10 UTC