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 said.
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