Trump tax reform to slash small business rate to 15 percent

President Trump's new tax reform will cut rates for small business owners from 39.6 percent to 15, according the Associated Press. The news comes a day after the administration revealed the reform will reduce both individual and corporate income tax rates, as well as the amount of individual income tax brackets to three — 10 percent, 25 percent and 35 percent. The administration would double the standard deduction, which would eliminate taxes on the first $24,000 of a couple's earnings. The plan, which was officially revealed on Wednesday, also includes child care benefits. Treasury Secretary Steven T. Mnuchin said in a press conference