Washington: US President Donald Trump has unveiled sweeping tax reforms which if passed by the Congress would bring down the business tax rate to 15 per cent, introduce territorial tax system that would offer level playing field to American companies.
Aimed at targeting the middle-class families, which constitutes the core of nation’s vote bank, Trump has proposed to reduce the current seven tax brackets to just three of 10, 25 and 35 per cent; double the standard deductions and provide relief for families with child and dependent care expenses.
“This is a once-in-a-generation opportunity, and I guess it’s probably something I can say that I’m very good at. I’ve been waiting for this for a long time.
“We’re going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans, and we are going to bring back the jobs and wealth that have left our country — and most people thought left our country for good,” Trump said in his speech in Indiana yesterday.
“We want tax reform that is pro-growth, pro-jobs, pro- worker, pro-family, and, tax reform that is pro-American. It’s time to take care of our people, to rebuild our nation, and to fight for our great American workers,” he said. PTI