WHITE HOUSE TAX PROPOSAL

White House tax proposals. The Trump administration is calling for a large decrease in the corporate tax rate from 35 to 15%. The proposal is NOT formal legislation but is an outline composed of broad principles. It also cuts the top rate on pass-through businesses, including sole proprietorships, from 39.6% to 15% and makes other major changes to the personal tax system. In order to become reality, the proposal will now have to be crafted into a bill, which would have to pass in the U.S. House and the Senate before going to the President to be signed into law.