You can expect the White House tomorrow to lay out broad principles for reforming the Internal Revenue Code. At the top of the list: Cutting the corporate tax rate to 15% regardless of whether the cuts add to the deficit.
A static analysis suggests the cutting the top corporate rate to 15% from its current 35% would cost the government about $2 trillion over a decade, according to the congressional Joint Committee on Taxation.
Not to worry, says Treasury Secretary Steven Mnuchin. The plan will “pay for itself with economic growth,” he explains.