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President Trump said Sunday night that his tax cut plan is completed and will result in “the largest tax cut in the history of our country.”
“We have a tax plan that is totally finalized,” Mr. Trump told reporters. “This is a plan for the middle class and for companies so they can bring back jobs.”
House - Senate - Negotiators - Administration - Details
Republican House and Senate negotiators and the administration are expected to roll out the details of the tax relief plan this week, with Mr. Trump scheduled to travel to Indiana on Wednesday to promote it.
Small business owners are increasingly hopeful they won’t get left out in the cold in tax reform, and say they feel encouraged by lawmakers’ prioritizing relief both for larger corporations and for such smaller companies that are often subjected to even higher tax rates.
Conversation - Business - Joseph - Semprevivo - Cookie
“Now more than ever, the conversation is about small business,” said Joseph Semprevivo, who runs a diet cookie shop in Sebastian, Florida. “I’m very optimistic. I’d say glass is full. Not even half full — it’s full.”
In addition to lowering corporate and individual rates, Republicans are trying to provide relief for the vast majority of businesses in the U.S. that file their taxes as individuals and often end up taxed at rates even higher than the top individual level of 39.6 percent.
Lawmakers - Tax - Rate - Percent - Percent
Republican lawmakers have been talking about lowering the corporate tax rate from 35 percent to around 20 percent, and setting the rate for smaller, so-called “pass-through” companies at around 25 percent, down from a top rate that can approach 50 percent.
Mr. Trump said Sunday he still hopes the corporate rate comes down to 15 percent, and said the plan is about the middle class.
Reporters - Washington - Golf - Club - New
“We’ll see what happens,” he told reporters as he returned to Washington from his golf club in New Jersey. “It’s going to be substantially lower...
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