“If we have them for 10 years, that’s better than nothing.”<br />Beyond cutting the tax rate to 15 percent for large corporations, which now pay a rate of 35 percent, Mr. Trump also wants<br />that rate for a broad range of firms known as pass-through entities — including hedge funds, real estate concerns like Mr. Trump’s and large partnerships — that currently pay taxes at individual rates, which top off at 39.6 percent.<br />“I think the president is going bold here.”<br />Mr. Mnuchin said this week that the tax changes would spur the economy to grow<br />by 3 percent, which he said would pay for the vast cuts in federal revenues.<br />White House Proposes Slashing Tax Rates for Individuals and Businesses -<br />By ALAN RAPPEPORT and JULIE HIRSCHFELD DAVISAPRIL 26, 2017<br />WASHINGTON — President Trump on Wednesday proposed sharp reductions in both individual<br />and corporate income tax rates, reducing the number of individual income tax brackets to three — 10 percent, 25 percent and 35 percent — and easing the tax burden on most Americans, including the rich.<br />Mr. Mnuchin offered few specifics about the blueprint, other than confirming<br />that its centerpiece will be a 15 percent business tax rate, which would apply not only to corporations, but also to small businesses and other large owner-operated conglomerates, such as Mr. Trump’s real estate empire.<br />But there was no expectation that the White House would elucidate how the deep cuts would be financed,<br />and administration officials are cognizant of the challenges of pushing through a proposal that could dramatically add to the national debt.
