Federal Government Policy and Business

Trump proposal slashes taxes on businesses, the rich; fuels deficit worries

Reuters: WASHINGTON (Reuters) - President Donald Trump on Wednesday proposed the biggest U.S. tax overhaul in three decades, offering to cut taxes for most Americans but prompting criticism that the plan favors the rich and companies and could add trillions of dollars to the deficit.

The proposal, which the Republican president said was aimed at helping working people, creating jobs and making the tax code more simple and fair, faces an uphill battle in Congress with Trump’s own party divided and Democrats hostile.

The plan would lower corporate income tax rates, cut taxes for small businesses, reduce the top income tax rate for individuals and scrap some widely used tax breaks including one that benefits people in high-tax states dominated by Democrats.

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