During an interview with the FOX Business Network, Tony Sayegh, assistant secretary for public affairs at the Department of the Treasury, said President Trump’s proposal to reduce taxes will be a big boost to small businesses.
Under the plan Opens a New Window., Trump would slash the tax rate for big and small businesses from 35% to 15%.
“If you’re an entrepreneur thinking about starting a small business – do it. Your tax policy is going to support you. If you’re an existing small business and you want to grow – do it because this tax policy will support you,” he said.
The overhaul also aims to convert the corporate tax configuration from a worldwide system into a territorial taxation process, which taxes businesses solely on income earned within a country’s borders.
“If you’re a corporation that’s kept your profits offshore because of our uncompetitive corporate tax rate – reinvest in America, we are going to give you that chance,” he said.