White House hails ‘biggest tax cut’ in US history

The White House made its opening bid for what officials called the “biggest tax cut” in US 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 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 (€2.4tn) in earnings that US companies have parked overseas.