Wall St pares gains after Trump plan proposes 15% business tax rate

The tax brackets have been reduced from seven to three with top invidual tax rate at 35%

US stocks pared gains in midday trading on Wednesday after the Trump administration outlined its tax reform plan.

President Donald Trump on Wednesday proposed slashing the U.S. tax rate on corporate and pass-through business profits to 15% from 35% or more.

The administration is determined to get the tax reform done by this year, Treasury Secretary Steven Mnuchin said at press conference.

The promise of a massive tax cut has been at the core of the post-election rally, which has driven Wall Street's indexes to record highs. However, the rally has stalled of late due to a lack of clarity on Trump's policies