WASHINGTON President Donald Trump’s tax plan, due to be unveiled on Wednesday and proposing to sharply cut rates for businesses and on overseas corporate profits returned to the United States, was likely to be treated by Congress as just an opening gambit.
The Trump administration touted the blueprint, which also calls for raising standard deductions for individuals, as a landmark tax cut just days before the president marks his 100th day in office on Saturday.
But the proposal will likely fall short of a comprehensive tax code overhaul long discussed by his fellow Republicans. And while Republicans control the House of Representatives and the Senate, the plan may be unpalatable to party fiscal hawks. Since it lacks proposals for raising new revenue, it would potentially add billions of dollars to the federal deficit.
Trump’s proposals were expected to be unveiled at the White House at 1:30 p.m. ET (1730 GMT) on Wednesday by Treasury Secretary Steve Mnuchin and Trump economic adviser Gary Cohn.
Mnuchin, spearheading the administration’s effort to craft a package that can pass Congress, described the plan as “the biggest tax cut” in U.S. history, telling a Washington breakfast forum he hoped it would attract broad support.
“There’s multiple ways of doing this and the president is determined that we will have tax reform,” he said. “It was very important to the president that we put out the core principles. This is part of his big impact for the first 100 days.”
Republican House Speaker Paul Ryan, a longtime champion of a major tax restructuring,…
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