White House To Propose New Tax Rates Wednesday

President Donald Trump’s tax reform proposal to be released Wednesday will include new tax rates, but those will mostly be generalities for Congress to consider, the White House budget director said Sunday.

Talking on “Fox News Sunday,” Mick Mulvaney, the Office of Management and Budget director, said specifics about what tax cuts will be proposed Wednesday are still being determined. He said that the announcement on Wednesday will include guidance, principles and “also some indication of what the rates are going to be.”

“Here are some of the rates we are talking about,” Mulvaney said of the proposal.

On Friday, Trump told The Associated Press that individuals and businesses will receive “massive tax cuts” under his tax reform plan. Trump provided no details, according to AP, but predicted the cuts would be “bigger, I believe, than any tax cut ever.”

Asked if the proposal would include revenue-neutral tax reform or if it would add to the debt, Mulvaney stated: “I don’t think we have decided that part yet.”

“It is a balancing act,” he said. “You can either have a small tax cut that is permanent or large tax cut that is short-term. I don’t think decided yet.”

Source: http://www.politico.com