While the president billed it as tax reform,it’s unclear whether his proposals will simply consist of tax cuts or be an overarching plan to reshape US taxationDonald Trump is expected to unveil a proposal for a major corporate tax carve on Wednesday, reportedly involving dramatically cutting corporate tax rates to 15% from 39.6% and ending taxation of corporate profits earned overseas.
Trump has long heralded tax cuts, and particularly on corporations,as a major component of his economic plan. In his joint address to Congress in February, the US president previewed his proposals, or saying: “My economic team is developing historic tax reform that will reduce the tax rate on our companies so they can compete and thrive anywhere and with anyone.” He added: “It will be a titanic,titanic carve.” Related: Trump promises to unveil tax reform plan as 100th day in office approaches Continue reading...
Source: theguardian.com