Massive Trump tax cuts face big hurdles as debt mounts
President Donald Trump
WASHINGTON (AP) - President Donald Trump is proposing tax cuts for individuals and businesses even as Washington struggles with mounting debt.
Trump is scheduled Wednesday to unveil the broad outlines of a tax overhaul that would provide massive tax cuts to businesses big and small. The top tax rate for individuals would be cut by a few percentage points, from 39.6 percent to the "mid-30s," said an official with knowledge of the plan.
Small business owners would see their top tax rate go from 39.6 percent to 15 percent, said the official.
The official, who spoke on condition of anonymity, was not authorized to speak publicly about the plan before Trump's announcement,
White House officials already said the top corporate tax rate would be reduced from 35 percent to 15 percent.