President Trump is slated to announce his tax plan today. The plan proposes to slash the corporate tax rate from 35 percent to a mere 15 percent. The plan would also grant the 15 percent tax rate to companies known as « S corporations, » which include both small family businesses and massive corporations, such as hedge funds and real estate empires, such as Trump’s own companies. The Washington Post reports other big winners of Trump’s proposed tax cuts would be construction and retail companies.
The tax plan would sharply increase the national deficit. A Tax Foundation analysis found the proposed cuts to the corporate tax rate alone would reduce revenue by $2 trillion over 10 years. Democrats have vowed to refuse to work with President Trump on any tax plans until he agrees to release his own tax returns.