On Wednesday, President Trump will announce his plan to overhaul the tax code, including a proposal to cut the corporate tax rate to 15 percent from 35 percent, White House officials told The Washington Post on Monday.
Independent analysts have estimated a cut this severe could cost the federal government $2.4 trillion over 10 years, and it's a deeper cut than one House Republicans have proposed. Treasury Secretary Steven Mnuchin said Monday that such a tax plan "will pay for itself with economic growth," but Edward Kleinbard, the former chief of staff for Congress' Joint Committee on Taxation, told the Post that if Trump's administration is "going to rely on the principle that tax cuts can pay for themselves, history has demonstrated that tax policies move the growth needle a bit but no more than that."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Sowaka: a fusion of old and new in KyotoThe Week Recommends Japanese tradition and modern hospitality mesh perfectly at this restored ryokan
-
Scientists have identified 4 distinct autism subtypesUnder the radar They could lead to more accurate diagnosis and care
-
Crossword: July 21, 2025The Week's daily crossword
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
