The republicans aim is to reduce the top tax rate to 35% from 39.6%
Person in history has campaigned on the tax cut for the rich, but he always seems to find its way into the case.
Axios reports on some of the details of Trump’s tax reform plan, which is expected to be unveiled this week. The cutout in the top of the holder the most attention, because it is quite against what Trump has built his campaign on, but for the economy and the markets, the details and small business and corporate tax reform is going to be huge.
The business rate will be reduced to 20% from 35%. The current rate is so full of loopholes that few companies pay for it but do it up to 20% would be a real cut for most of the S&P 500 index.
There is also a plan to cut small business pass-through rate of 25% from 39.6%.
Still unknown is what the taxes will increase to help pay for it, or what will happen to the deficit.
And most importantly, get the right to vote?