What does President Trump's tax plan look like?

But small and medium-sized business owners also would benefit, based on the 15 percent rate the White House proposes on corporate and pass-through business income.

Trump told Bloomberg his tax proposal was just an opening gambit in a negotiation with lawmakers on Capitol Hill.

The tax plan released Wednesday by top economic adviser Gary Cohn and Treasury Secretary Steven Mnuchin provided much for multinational corporations to rejoice over - it calls for slashing the corporate income tax rate to 15 percent from 35 percent and applying a one-time, low rate to an estimated $2.6 trillion in offshore profits that have so far avoided US taxes.

President Donald Trump speaks to the Independent Community Bankers Association in the Kennedy Garden of the White House in Washington, D.C., on Monday. The House GOP, by contrast, has a proposal to cut the corporate rate to 20 percent, offset by a massive tax on business imports; by omitting any mention of that approach, Trump seems to reject it. Trump said he has made no commitments on an increased gas tax but, "it's something I would certainly consider".

The White House on Wednesday outlined a tax plan that would add trillions of dollars to the U.S. deficit while overwhelmingly benefiting the wealthiest corporations and individuals-including President Trump.

The federal tax on gasoline is 18.4-cents per gallon, and for diesel, it is 24.4 cents per gallon.

Raising the gas tax to pay for the cost of infrastructure projects has always been considered, but Congress has not been willing to touch the issue in more than two decades. The trust fund is projected to become insolvent by 2021 without additional funding, according to the Congressional Budget Office.

Americans for Tax Reform, the lobbyist group run by Grover Norquist, has opposed hiking the gas tax in the past.

Mr. Trump also said he would be "honored" to meet North Korean leader Kim Jong Un, only days after he raised the possibility of a "major, major conflict" with the reclusive state over its nuclear weapons program.

In repeating his call for a reciprocal tax, Trump emphasized his enthusiasm for the approach, which resembles a system of import tariffs that would match those imposed by other countries on USA goods.

Similar to numerous policies Trump has rolled out in his first 100 days as president, the wording is dangerously vague. "Nobody can fight it".

But the Trump proposal would reduce the top corporate rate to 15 percent from 35 percent, meaning it would be lower than the maximum capital-gains rate.

Burman said "there's no way" that Trump's plan won't lower taxes for top earners, despite the rhetoric from his administration. The White House says it will fill in the important details later, in the meantime pushing dubious and duplicitous claims. But the legislation would have to be revenue-neutral and not add to the deficit after 10 years. And one of them, MIT's Bengt Holmstrom, said his answer was actually a mistake and he meant to say that he disagreed with the idea. "We understand that. We're going to make the tax bill work".

Meanwhile, Trump told CBS in an interview that aired on Sunday that he's going to pay for his tax cuts by increasing economic growth and making better trade deals.

Economists aren't buying it, according to a new survey conducted at the University of Chicago. But more money for highways could also increase the number of construction jobs in the economy, helping growth.


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