President Donald Trump is proposing to slash the corporate income tax rate and offer multinational businesses a steep tax break on overseas profits brought into the United States, officials said late on Tuesday. He will propose cutting the income tax rate paid by public corporations to 15 percent from 35 percent, and allowing multinationals to bring in overseas profits at a tax rate of 10 percent versus 35 percent now, the official said. Bloomberg via Getty Images Trump’s tax plan will fall short of the kind of comprehensive tax reform that Republicans have long discussed. “We’re driving this a little bit more,” a senior White House official told a group of reporters late on Tuesday. The House Republican plan, championed by Ryan and Brady, proposed a 20 percent corporate tax rate.

Source: Huffington Post April 26, 2017 07:07 UTC