White House unveils ‘biggest tax cut’ in history - WRCBtv.com | Chattanooga News, Weather & Sports

White House unveils ‘biggest tax cut’ in history

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White House officials on Wednesday unveiled a dramatic new tax reform plan that Treasury Secretary Steven Mnuchin is calling "the biggest tax cut" in history that will reduce the corporate tax rate to 15 percent.

Earlier in the day Mnuchin delivered a broad outline of the plan during an interview with The Hill, but said Congress and the White House are on the same page when it comes to passing a sweeping overhaul of the nation's tax system.

The 15 percent corporate tax rate would be a drastic cut from current rate. The changes would provide relief to both small businesses and large corporations, like President Donald Trump's real estate firms.

"What we think is important is small business, and we are committed that small business, owner operators will have the benefit of the business rate. What this is not going to be is a loophole to let rich people who should be paying higher rates pay 15 percent," Mnuchin said.

White House officials are expected to give more specifics about the plan during a briefing later on Wednesday. But the broad outline of the plan does resemble many of the promises Trump made as a candidate.

Mnuchin called the plan "the biggest tax cut and the largest tax reform in the history of our country." 

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