| WASHINGTON, April 26
WASHINGTON, April 26 U.S. President Donald Trump
will release a tax plan on Wednesday proposing some deep rate
cuts, mostly for businesses, including a slashed corporate
income tax rate and steeply discounted tax rate for overseas
corporate profits brought into the United States, officials
Trump intends for his broad blueprint, which will fall short
of the kind of comprehensive tax reform that Republicans have
long discussed, to be a guidepost for lawmakers in the U.S.
House of Representatives and Senate.
"We're driving this a little bit more," a senior White House
official told a group of reporters late on Tuesday.
The plan is not expected by analysts to include any
proposals for raising new revenue, potentially adding billions
of dollars to the federal deficit.
Treasury Secretary Steve Mnuchin has been leading the Trump
administration's effort to craft a tax package that can win
support in Congress.
Though the U.S. House of Representatives and Senate are both
controlled by the Republican Party, some aspects of Trump's
proposals could be a difficult sell, including to some fiscal
hawks in his own party. Trump's plan will cut the income tax
rate paid by public corporations to 15 percent from 35 percent
and sharply cut the top tax rate by pass-through businesses,
including many small business partnerships and sole
proprietorships, to 15 percent from 39.6 percent, an official
Trump will also propose a repatriation tax on offshore
earnings along the lines of his campaign proposal for a 10
percent levy, versus the 35 percent due on repatriated foreign
profits under present law, the official said.
Trump's proposal will not include a controversial
"border-adjustment" tax on imports that was in earlier proposals
floated by House Republicans as a way to offset revenue losses
resulting from tax cuts.
Mnuchin has said the cuts will pay for themselves by
generating more economic growth, but fiscal hawks, potentially
some in Trump’s own Republican Party, along with Democrats are
certain to question these claims.
Whether Trump will include provisions that could attract
Democratic votes, such as a proposal to fund infrastructure
spending or a child-care tax credit as proposed by his daughter
Ivanka, is still the subject of speculation.
The senior white house official said Trump would like to see
Congress pass tax reform by the middle of autumn.
The last overhaul of the U.S. tax code was in 1986 during
the administration of former President Ronald Reagan, a
(Additional reporting by Steve Holland; Editing by Simon