Trump's plan calls for slashing taxes on businesses and wealthy

Washington

A SWEEPING Republican tax overhaul plan backed by President Donald Trump calls for slashing rates on businesses and the wealthy but offers few details about how to pay for the cuts without driving up the federal deficit.

Hammered out over months of high-level talks among Trump aides and top Republicans in Congress, the plan would lower corporate income tax rates, cut taxes for "pass-through" businesses and reduce the top income tax rate for individual Americans, according to a framework seen by Reuters.