President Trump wants to sharply reduce the tax rate for all businesses -- from multinational corporations to mom-and-pop shops -- to 15% in the "biggest tax cut" in U.S. history, Treasury Secretary Steven T. Mnuchin said Wednesday. Trump proposed a 15% business tax rate during the campaign and will push for that as he and congressional leaders negotiate legislation, Mnuchin said. The current U.S. corporate tax rate is 35%, the highest among developed economies. "We want to make business competitive and we want to simplify the personal tax system, lower taxes and create economic growth," Mnuchin said. While cutting the corporate rate is straightforward, assuring that other businesses that file individual tax returns pay a 15% rate is much more complicated.

Source: Los Angeles Times April 26, 2017 15:00 UTC