Trump Offers "Biggest Tax Cuts in History"
US President Donald Trump presented a tax reform in Indianapolis on Thursday, which he says includes "the biggest tax cut in the history of the country," the news agencies reported.
He proposes a reduction in corporate tax from 35 to 20 percent in an attempt to make US companies more competitive, DPA said.
"US workers and US companies can outperform their foreign competitors and start earning again," Trump said while presenting his proposal for a comprehensive tax reform that would lower the income tax and simplify the tax code. He said he wanted to cut taxes on the middle class and make the system fairer and simpler so Americans would have to fill a single sheet of paper, he said. The US president also proposes to abolish the current seven-step income tax scale from 10 to 39.6% and introduce a three-tiered scale of 12, 25 and 35%. Congress will have the right to raise taxes for the richest Americans.
According to the US president, the new system will "bring back jobs and wealth that have left the country." The reform of the tax system was among the leading pre-election promises of Trump and the Republican party. Currently, they are under intense pressure to finish this task given the failure of Republicans to repeal the health insurance law known as Obamacare.
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