US President Donald Trump is proposing to slash the corporate income tax rate and offer multinational businesses a steep tax break on overseas profits brought into the United States, officials said late on Tuesday. With financial markets eagerly anticipating a White House tax plan, Trump will also call for a sharp cut in the top rate on pass-through businesses, including many small business partnerships and sole proprietorships, to 15% from 39.6%, an administration official said. He will propose cutting the income tax rate paid by public corporations to 15% from 35%, and allowing multinationals to bring in overseas profits at a tax rate of 10% versus 35% now, the official said. Trump's proposal will not include a controversial "border-adjustment" tax on imports that was in earlier proposals floated by Republicans in the US House of Representatives as a way to offset revenue losses resulting from tax cuts. Trump's tax blueprint will fall short of the kind of comprehensive tax reform ...
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