Trump proposes major tax cuts, 15% corporate rate

Washington : The Trump administration Wednesday unveiled plans to dramatically cut taxes for US businesses and individuals, slashing the corporate rate to 15 percent, but the once-in-a-generation overhaul is headed for a tough fight in Congress.

As Donald Trump's presidency nears the symbolic 100-day mark, the Republican is seeking to follow through on a flagship promise to reform the tax code to boost the economy, businesses and families, including middle-class and working-class Americans.

"Under the Trump plan, we will have a massive tax cut for businesses and massive tax reform and simplification," US Treasury Secretary Steven Mnuchin announced from the White House.

Slashing taxes on income and business was a key part of Trump's election platform.

The plan's signature reform would be a dramatic reduction of the corporate tax rate, from the current 35 percent to 15 percent.

Tax brackets for individuals would be compressed from seven to just three -- 10 percent, 25 percent and 35 percent, lower than the current top rate of 39.6 percent.

"It's a great plan," Trump said at the White House on Wednesday. "It's going to put people back to work."