(CN) – President Donald Trump on Wednesday will set out his vision for dramatic corporate tax cuts that he promises will ignite economic growth, create jobs and help struggling families.
Treasury Steven Mnuchin and National Economic Director Gary Cohn were expected to unveil the plan during an early afternoon White House briefing.
The White House tax plan will cut the top tax rate for small businesses from 39.6 percent to 15 percent, and the top rate cut for individuals from 39.6 percent to somewhere in the “mid-30s,” according to an the official who spoke to the Associated Press on background.
In a speech at a forum hosted by the Hill newspaper Wednesday morning Secretary Mnuchin said the overhaul would be “the biggest tax cut and the largest tax reform in the history of our country.”
“We want to make business competitive and we want to simplify the personal tax system, lower taxes and create economic growth,” Mnuchin said. “We are committed to seeing this through.”
The proposal does not include budget cuts or tax increases that would offset the tax cuts and keep the proposal from increasing the nation’s deficit. It also does not include the so-called border adjustment tax preferred by House leaders.
Both omissions suggest the proposal may face considerable opposition from Congress.
The president sent his team to Capitol Hill on Tuesday evening to discuss his plan with Republican leaders.
“They went into some suggestions that are mere suggestions and we’ll go from there,” said GOP Sen. Orrin Hatch of Utah, chairman of the Senate Finance Committee.
“I’m not convinced that cutting taxes is necessarily going to blow a hole in the deficit,” he said.
“I actually believe it could stimulate the economy and get the economy moving,” Hatch added.
But no one expects a finalized tax and budget plan to be in place until summer.
The argument that tax cuts pay for themselves has been debunked by economists from across the political spectrum.
On Tuesday, the nonpartisan Joint Committee on Taxation said a big cut in corporate taxes, even if temporary, would add to long-term budget deficits.
Mnuchin brushed off those concerns Wednesday, insisting the tax cuts will boost annual economic growth to 3 percent and “that growth will pay for the plan.”
The Associated Press contributed to this report.