The daily business briefing: September 28, 2017

Trump announces tax plan with cuts for businesses and the rich, Playboy founder Hugh Hefner dies at 91, and more

Hugh Hefner at Playboy's anniversary event
(Image credit: Charley Gallay/Getty Images for Playboy)

1. Trump announces tax plan with cuts for businesses, wealthy

President Trump on Wednesday unveiled his proposal to cut individual and business taxes, the broadest changes to the federal tax code in decades. "There is no reason that Democrats and Republicans in Congress should not come together to deliver this giant win for the American people and begin the middle class miracle once again," Trump said. The push to deliver on a campaign promise to reduce individual and corporate rates to boost the economy came after Trump and Senate Republicans suffered a painful defeat when they failed to pass the latest GOP bid to replace ObamaCare. Republicans are energized about the plan, which would reduce taxes by by nearly $6 trillion over a decade, but Democrats said it would only help the rich. Sen. Bernie Sanders (I-Vt.) called Trump's plan "morally repugnant and bad economic policy."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.