U.S. President Donald Trump planned to propose on Wednesday steep cuts in corporate taxes and repatriated offshore corporate profits as the administration seeks to regain momentum on economic policies.
Trump has told aides to cut the income tax rate for public companies to 15 percent from 35 percent, an administration official said, according to a Reuters report.
Another official said Trump would propose a repatriation tax on offshore earnings of 10 percent, compared with the current 35 percent, the report said.
That official also said the plan would cut the top tax rate on "pass-through" businesses, which include small business partnerships, sole proprietorships and hedge funds, to 15 percent from 39.6 percent, media reports said.
Most analyses of that plan estimated it would make the U.S. deficit balloon because of the lost tax revenue. The Trump team has argued that economic growth unlocked by the plan will help to blunt the deficit expansion.
A senior Treasury staffer told CNBC that Treasury Secretary Steven Mnuchin and National Economic Director Gary Cohn are set to conduct a joint news conference around 1:30 p.m. ET on Wednesday from the White House Briefing Room.
Reference: CNBC
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