Ron Wyden, the top Democrat on the Senate tax committee, called it "unprincipled" and said it would produce tax cuts for the wealthy, conflicts for the president because of his own business interests, "crippling debt for America and crumbs for the working people." U.S.
While Wall Street has been optimistic about the prospect of corporate tax cuts since Trump's election in November, the stocks rally has stalled lately because of a lack of clarity about Trump's policies and concern over his failure to push through a healthcare bill.
"The market will not interpret the plan negatively, but there are obstacles in that course, just like with anything that Trump says and does." Trump's plan would cut the income tax rate paid by public corporations to 15 percent from 35 percent and reduce the top tax rate assessed on pass-through businesses, including small partnerships and sole proprietorships, to 15 percent from 39.6 percent, the White House said.
taxpayers, the Trump plan would simplify tax returns by reducing the number of tax brackets to three (10 percent, 15 percent and 35 percent) from seven and double the standard deduction available to taxpayers who do not itemize their deductions.
The Retail Industry Leaders Association, comprising some of the nation's largest retailers, including Wal-Mart Stores Inc (WMT.N), Target Corp (TGT.N) and Best Buy Co Inc (BBY.N), praised the call for a lower tax rate and reiterated opposition to the idea of the border adjustment tax, which some companies fear would raise consumer prices.