President Trump's tax reform plan would cut the top rate for small business owners to 15 percent from 39.6 percent, an official with knowledge of the plan told the Associated Press Tuesday. The official added that the top tax rate for individuals would be cut from 39.6 percent to the "mid-30s." White House officials had already revealed that Trump's plan would reduce the top corporate income tax rate from 35 percent to 15 percent. Echoing the White House, Republicans on Capitol Hill argued that tax cuts would spur economic growth, reducing or even eliminating any drop in tax revenue. Senate Republicans have panned the idea, and officials in the Trump administration have sent mixed signals about it.

Source: Fox News April 26, 2017 03:33 UTC