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High-income Wall Street financiers could be unintended winners from a section of U.S. President Donald Trump's tax-cut plan that is meant to help mostly small, "mom-and-pop" businesses. Trump called Wednesday for a new "pass-through" tax rate of 25 percent that could mean big savings for owners of sole proprietorships and partnerships who now pay 39.6 percent. A small fraction of those business owners pay the top individual tax rate of 39.6 percent, higher than the current top corporate income tax rate of 35 percent.Trump's plan proposes a new tax rate of 25 percent for the pass-through income of "small and family-owned businesses".Trump's plan also proposes cutting the top corporate tax rate to 20 percent from 35 percent and cutting the top individual tax rate to 35 percent from 39.6 percent.
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