Tony Sayegh: Trump's Tax Plan a Boon to Small Business
Tony Sayegh, Assistant Secretary of Treasury for Public Affairs, breaks down the Trump administration's tax plan.
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, 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.