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White House Unveils Opening Bid for 'Biggest Tax Cut'

Administration's plan calls for shift to a territorial system for companies.

By Sahil Kapur and Shannon Pettypiece, Bloomberg | Updated on April 26, 2017

The White House made its opening bid for what officials called the “biggest tax cut” in U.S. history —  with cuts that would benefit businesses, the middle class and certain high-earning individuals —  but left unanswered questions about whether the plan would be paid for, or how.

A list of goals for the tax overhaul, unveiled by President Donald Trump’s top economic adviser Gary Cohn and Treasury Secretary Steven Mnuchin Wednesday, calls for slashing the federal income-tax rate to 15% for corporations, small businesses and partnerships of all sizes. It also imposes a one-time tax on about $2.6 trillion in earnings that U.S. companies have parked overseas. The plan would end the taxation of corporations’ offshore income by moving to a territorial system, in which most foreign profits would be exempt from U.S. taxes. Currently, the U.S. taxes business income no matter where it’s earned.

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