U.S. President Donald Trump is proposing to slash the corporate income tax rate and offer multinational businesses a steep tax break on overseas profits brought into the United States, officials said late on Tuesday.
U.S. President Donald Trump on Wednesday expected to unveil a tax plan slashing corporate income tax rates and offering multinational businesses major tax breaks on overseas profits. He will propose cutting taxes paid by publicly traded companies to 15 percent from 35 percent, and taxing overseas profits at just 10 percent. (SOUNDBITE)(ENGLISH) U.S. PRESIDENT DONALD TRUMP, SAYING: 'It will be simple, it will be easy, it will be fair.' Administration officials saying the plan will also propose a sharp cut in taxes paid by what are called 'pass-through businesses,' which include many small businesses, mom-and-pop operations and family-run partnerships... such as the Trump Organization. And the proposal could include other elements that might personally benefit the President: capping the individual income tax rate at 33 percent and repealing both the estate tax and the alternative minimum tax. Those changes fulfilling a promise he made early on the campaign trail. (SOUNDBITE)(ENGLISH) DONALD TRUMP ON SEPTEMBER 28, 2015, SAYING: 'It eliminates the AMT, which is the alternative minimum tax. It ends the death tax.' Democrats have said they will not agree to any changes to the tax code until Trump released his tax returns, saying the American people have a right to know how the changes will personally affect the commander-in-chief. One thing absent from the proposal: any suggestions for how to make up from the loss in revenue. The plan is expected to make no mention of House Speaker Paul Ryan's proposed border-adjustment tax, which would put a tariff on imports. The White House is eager to show progress ahead of Saturday, which marks Trump's 100th day in office. He has yet to sign a single piece of major legislation. The last time the U.S. tax code saw an overhaul: 1986. A senior White House official saying Trump would like to see Congress pass a tax reform bill by next fall.