Time’s top policy writer is weighing in on a possible tax plan from President Donald Trump, which has been in the news for the past week.
Read moreRead moreA tax plan drafted by Trump, released last week, would significantly reduce the top rate for individuals to 39.6 percent from the current 39.9 percent and the top individual rate to 35 percent from 39.8 percent.
The plan would also add $1.4 trillion to the federal deficit over 10 years, according to the nonpartisan Tax Policy Center.
Trump said in a statement Thursday that the plan “reins in the wealthiest Americans and makes it easier for American businesses to thrive.”
The president said he was committed to lowering the rate on individuals and businesses.
The Tax Policy Institute, a Washington, D.C.-based think tank, released a report in January estimating that a 15 percent rate on the highest earners could raise $1 trillion over the next decade.