Small businesses will be jumping for joy if all goes according to plan with what President Trump has in order for them. According to reports on Tuesday, President Trump’s tax reform plan would cut the top rate for small business owners from 39.6 percent to just 15 percent.
White House officials confirmed on Wednesday that Trump’s plan would reduce the top corporate income tax rate to 15 percent. It was also revealed the plan will incorporate child-care benefits, a cause advocated by Ivanka Trump.
Despite trillions of dollars possibly being added to the deficit over the next decade, Republicans are supportive of the plan. Their argument stems from the notion that tax cuts will spur economic growth, and cause a reduction of drops in tax revenue.
Republican senator Orrin Hatch of Utah, the head chairman of the Finance Committee, commented on the promises of the plan to Fox News:
“I’m not convinced that cutting taxes is necessarily going to blow a hole in the deficit. I actually believe it could stimulate the economy and get the economy moving. Now, whether 15 percent is the right figure or not, that’s a matter to be determined.”
Hatch and Republican leaders met with Trump administration officials on Capitol Hill Tuesday to discuss the plan. The meeting lasted half an hour, and no Democrats were invited or involved.
Senate Majority Leader Mitch McConnell confirmed this to be the case. “Regretfully, we don’t expect to have any Democratic involvement in” a tax overhaul, McConnell said. “So, we’ll have to reach an agreement among ourselves.”
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