New lower tax rates for the rich...

White House to propose new tax rates Wednesday

By PATRICK TEMPLE-WEST

President Donald Trump’s tax reform proposal, to be released Wednesday, will include new tax rates, but those will mostly be generalities for Congress to consider, the White House budget director said Sunday.

Speaking on "Fox News Sunday," Mick Mulvaney, the Office of Management and Budget director, said specifics about what tax cuts will be proposed Wednesday are still being determined. He said the announcement will include guidance, principles and “also some indication of what the rates are going to be.”

“Here are some of the rates we are talking about,” Mulvaney said of the proposal. Mulvaney did not elaborate about specific tax rate figures to be proposed.

On Friday, Trump told The Associated Press that individuals and businesses will receive “massive tax cuts” under his tax reform plan. Trump provided no details, according to the AP, but predicted the cuts would be “bigger, I believe, than any tax cut ever.”

Asked whether the proposal would include revenue-neutral tax reform or if it would add to the debt, Mulvaney said: “I don’t think we have decided that part yet.”

“It is a balancing act,” he said. “You can either have a small tax cut that is permanent or large tax cut that is short term. I don’t think we have decided that yet.”