Donald Trump just made a major change to his tax plan
Jacob Pramuk | @jacobpramuk
12 Mins Ago
CNBC.com
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Donald Trump plans to tweak his prior tax proposal, calling for a top income tax rate of 33 percent rather than a past proposal for 25 percent, CNBC contributor Larry Kudlow said Monday.
Presidential nominee Donald Trump attends a campaign event at the Ocean Center in Daytona Beach, Florida August 3, 2016.
Eric Thayer | Reuters
Presidential nominee Donald Trump attends a campaign event at the Ocean Center in Daytona Beach, Florida August 3, 2016.
Kudlow, an informal advisor to the Trump campaign, said the move would help to reduce federal deficit growth during his presidency. Trump, who will deliver a crucial economic speech Monday, had fueled concerns about a ballooning deficit with across the board tax cuts.
The top income tax rate is currently set at just under 40 percent. Prior analyses of his tax plan, which included broad personal and business tax cuts, said it could expand the U.S. deficit by as much as $10 trillion over a decade.
Kudlow claimed that tweaks to Trump's tax plan could reduce that number to less than $3 trillion.