The white house released a draft tax reform

The white house released a draft tax reform


Moscow. April 27. The administration of U.S. President Donald trump on Wednesday presented a draft tax reform, which was one of the main election promises of the American leader, reports The Hill.

In the world23 APR 2017Трамп promised on Wednesday to announce a large tax to reformatting read more

The tax on the income of the business proposed to be reduced by more than half – from 35 to 15%, it will affect both large corporations and small and medium-sized businesses. We will also introduce the reduced rate for the return of their revenues from abroad, which, in the opinion of the President, prostimulirujte repatriation of the money. Further the government promised to abolish the tax on international profits, which now stands at 35%. Treasury Secretary Steven Mnuchin sure it will help to return to the country “trillions of dollars”.

The project also involves the simplification of personal taxation: is a seven-step scale, which is now in effect, it is proposed to establish three rates: 10, 25, and 33% (slightly lower compared to pre-election promises trump, who offered 12, 25 and 35%). It is also expected to double tax deduction for couples: will be exempted from taxation the first $24 million of their joint annual income.

“It’s a brilliant plan,” commented trump held a presentation. “He will return people to work,” he added.

Earlier, the President claimed that his tax reform will be the largest since Ronald Reagan.

Source