Tax reform in the US from Republicans
President Trump’s administration proposes a large-scale tax cuts program. In particular, almost twice, up to 24 thousand dollars plan to increase the tax-free amount of family income. They also want to reduce the corporate profit tax – both corporations and small and medium businesses.
“Our goal is to make American business the most competitive in the world. We currently have a corporate tax rate of 35%. This is probably the most complex and uncompetitive bid in the world, “said US Treasury Secretary Stephen Mnuchin.
Steven Mnuchin proposes to reduce the corporate profit tax rate to 15%, and the number of tax rates on personal income is reduced from seven to three. Only keep rates at 10%, 25% and 35%. The finance minister also promised a low tax on returning profits from abroad in order to return to the US trillions of dollars earned by US companies in third countries.
Tax cuts and the return of manufacturing facilities and jobs to the United States were important points for Donald Trump’s election program.