Mr Trump at the Detroit Economic Club

Trump announced major changes to his plan to slash individual income-tax rates, taking the top rate to 33 percent. While that’s higher than the 25-percent top rate Trump had initially proposed, it still represents a cut from the current top rate of 39.6 percent.Trump initially proposed three tax rates—down from the current seven—of 10 percent, 20 percent, and 25 percent. His new rates—12 percent, 25 percent, and 33 percent—mirror those proposed by House Republicans under Speaker Paul Ryan For businesses, Trump’s tax plan would slash the rate on corporate and business income to 15 percent, down from a current top corporate tax rate of 35 percent. Members of partnerships, limited liability companies, and other so-called “pass-throughs,” who currently pay regular individual tax rates on their business income, would see a significant cut under the plan.Trump would also end corporations’ ability to defer paying taxes on their overseas income, though he’d subject that income to a still-lower tax rate of 10 percent.Bloomberg News