President Donald Trump is to propose slashing the rate of corporation tax when he announces his tax plan later.
White House officials say the centerpiece of Wednesday’s announcement will be a sharp reduction in the business tax rate, from 35% to 15%.
Economists say the tax cuts will add trillions of dollars to the deficit over the next decade.
But Treasury Secretary Steven Mnuchin has said the draft tax plan “will pay for itself with economic growth”.
Mr Mnuchin declared it “the biggest tax cut” in history, but it is unclear whether that will really prove to be the case.
The Republican president’s plan will act as a guide for Congress as they try to pass a tax reform bill in the months ahead
SOURCES: BBC, Stingged