President Trump on Wednesday proposed a dramatic overhaul of the tax code, calling for sharply lower rates for individuals and businesses but also eliminating key tax breaks.
The proposal is a one-page outline — key details are left incomplete — but it presents an initial offer to begin negotiations with lawmakers, as White House officials think reworking the tax code is one of their biggest priorities to boost economic growth.
“We have a once-in-a-generation opportunity to do something big and important on taxes,” White House National Economic Council Director Gary Cohn said Wednesday.
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