Corporate tax cuts are also intended to encourage more businesses to stay in the U.S.
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
President Donald Trump's team boasted Wednesday that its tax-cut plan would lighten Americans' financial burdens, ignite economic growth and vastly simplify tax filing.Trump's plan would replace the current seven income tax brackets with three, and the top bracket would drop from 39.6 percent to 35 percent.It would also slash the corporate rate from 35 percent all the way to 15 percent, a boon to most companies even though many don't pay the full tax now.That's because Trump would apply the corporate rate to "pass-through" businesses.What's more, some privately held large companies – including Trump's own real estate empire – are structured as pass-throughs and would benefit, too.Trump's top economic adviser, Gary Cohn, and Treasury Secretary Steven Mnuchin, weren't ready Wednesday to say at what income levels these new rates would kick in.At the same time, the Trump plan would eliminate the estate tax and the alternative minimum tax, thereby benefiting some of the richest taxpayers.The corporate tax cuts are also intended to encourage more businesses to stay in the U.S., which now has the highest corporate rate among advanced economies.The Trump team stressed the benefits that might flow to small businesses.
FOLLOW THIS ARTICLE