Politics

Trump’s Tax Plan Is Going To Make Dems Livid

REUTERS/Brendan Mcdermid

Daily Caller News Foundation logo
Robert Donachie Capitol Hill and Health Care Reporter
Font Size:

President Donald Trump’s long-promised reforms to the U.S. tax code will reportedly include tax cuts for the wealthiest Americans, a feature that will surely spark backlash from Democrats.

The administration and Republican Party leadership is planning to cut the tax rate for pass through businesses from 39.5 percent to 35 percent, Axios reports.  The majority of U.S. businesses are not subject to the corporate tax rate and instead pay taxes on profits that are passed through to the proprietors of the business and taxed at an individual rate.

Forty-five Senate Democrats sent a letter to Trump and Republican leadership in August in which they wrote “tax reform cannot be a cover story for delivering tax cuts to the wealthiest … We will not support any tax plan that includes tax cuts for the top 1 percent.”

Trump is expected to give a speech in Indiana on Wednesday where he will layout the administration’s plans for tax reform, which he has worked on with party leadership, Secretary of the Treasury Steve Mnuchin and National Economic Council Director Gary Cohn.

Other features of the plan will include dropping the corporate tax rate from 35 to 20 percent, which is 5 percent higher than Trump wanted on the campaign trail.

Follow Robert on Twitter

Send tips to robert@ailycallernewsfoundation.org

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.