If the Congress passes it, then business tax rate would go down to 15 per cent
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.
US President Donald Trump addresses supporters as he speaks at the Indiana State Fairgrounds & Event Center on Thursday. Pic/AFP
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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," Trump said in his speech in Indiana on Wednesday.
"We want tax reforms that are pro-growth, pro-jobs, pro-worker, pro-family, and, pro-American. It's time to take care of our people, to rebuild our nation, and to fight for our American workers," he said. Agencies
US slashes refugee intake to 45,000
The US will curtail the number of refugees it will accept for resettlement to 45,000 next year, nearly half the figure for 2016, officials said on Thursday, triggering criticism from humanitarian groups. Secretary of State Rex Tillerson will soon brief the Congress on this, a US government official said during a conference call. A presidential determination would be issued in coming days.
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