Mnuchin, Cohn expected to roll out Trump tax plan

President Trump is expected to reiterate his campaign-trail call to cut the corporate tax rate to 15% from 35% as he unveils the broad outlines of his proposal for reforming the federal tax code.

But what's coming out later Wednesday afternoon are guidelines, not legislation, akin to what would be revealed in a campaign.

But the Treasury secretary declined to say there would be no absolute tax cut for the wealthy, a promise he made a year ago during a TV interview. I, for one, urge the President to stick to his guns and not to preemptively surrender to the establishment in Congress and to offer real, meaningful cuts to individuals and businesses, across all income levels.

In comparison, an average family of four living on the Upper East Side in Manhattan would get $7,329 in benefits - meaning the rich would get more money than the working class, because under Trump's plan, you need to spend more in order to get more. But, not unlike Presidents Barack Obama, Bill Clinton, and George W. Bush before him, the rest of his first days in office haven't quite gone according to plan.

The cut also helps Mnuchin jockey for position as the driving force behind the tax-overhaul effort.

-Fit on a postcard?

Tax cuts are easy.

If Trump doesn't follow through on tax reform or cuts, investors should expect a "repricing of risk appetite" in the economy and financial markets, Brusuelas said.

In one ambiguous word: growth.

"We will see if the Republican primary for governor next year becomes a proxy battle between the Trump and the anti-Trump (candidates)", says Pluta.

White House officials had already revealed that Trump's plan would reduce the top corporate income tax rate from 35 per cent to 15 per cent.

That was true even using dynamic scoring, which takes growth into account.

The official scorekeeper for Congress said Tuesday that a big cut in corporate taxes - even if it is temporary - would add to long-term budget deficits. But the Trump administration's early embrace of the BAT landed them in political hot water. Why? And a 15% business tax rate could drive up deficits by a lot.

But, once again, it's another revenue source shut off.

Repealing and replacing the Affordable Care Act remains a legislative priority, although whether it is considered more important than a tax overhaul changes frequently. For now, Republican leaders are saying they're OK with that (at least publicly). For one thing, the U.S. has one of the highest corporate tax rates in the industrialized world, although the tax code has a lot of ways to lower the effective rate, too.

And if he opts for tax cuts, how will he propose paying for them?

While White House and Congressional staff have been talking since the transition about a tax plan, today's meeting will be the first between Republican Congressional leadership and the key figures driving tax reform in the White House, one Congressional official said. Additionally, cost estimates must be honest and not rely on gimmicks that hide the true long-term cost of tax cuts.

What will "revenue neutral" tax cut mean to your business?

Sen. Orrin Hatch, the head of the Senate Finance Committee, also talked down the possibility of a 15% corporate rate when speaking with reporters.