President Trump will unveil a tax plan Wednesday that’s expected to reduce to 15 percent the business tax rate for corporations and companies that pay taxes via the personal income tax code, The New York Times reported Tuesday night.
The change would apply to everything from small mom-and-pop businesses to Trump’s own real estate empire, the Times reported.
The proposal is expected to increase the standard deduction for individuals, which could mean a cut for middle-income people.
The Times reports that the White House blueprint gives up on a controversial border adjustment tax, which could have helped pay for tax rate cuts.
The BAT may be revisited, sources told the Times, but was seen as too controversial to pursue now.