Wall Street closes lower after Trump tax plan reveal

By Ovunc Kutlu

NEW YORK (AA) - Wall Street closed lower Wednesday after the unveiling of President Donald Trump's highly-anticipated tax reform plan.

The Dow lost 21 points to end the day at 20,975 and the S&P fell one point to 2,387.

The Nasdaq declined less than a point to finish the day at 6,025.

Secretary of Treasury Steven Mnuchin and Gary Cohn, Trump's chief economic advisor, announced the administration's tax proposal on Wednesday.

The announcement failed however to offer much insight into how the planned tax reform would be put into practice, according to experts.

Mnuchin and Cohn reiterated the president's previous remarks that he would lower corporate tax rate in the U.S. to 15 percent, from 35 percent.

The proposal also plans to impose a one-time tax on profits that the U.S. companies have overseas; however, neither Mnuchin nor Cohn stated how large that tax would be.