[ltr]Trump proposes the largest tax reform in US history[/ltr]
From 2017-09-28 at 08:59 (Baghdad time)
[ltr][/ltr]
[ltr]Follow up of Mawazine News[/ltr]
[ltr]US President Donald Trump has proposed the biggest tax reform in the United States in three decades, offering tax cuts to most Americans.[/ltr]
[ltr]But he has drawn criticism that Trump's plan is in the interests of the wealthy and corporations and could add trillions of dollars to the deficit.[/ltr]
[ltr]The proposal, which the Republican president says is aimed at helping people who work and create jobs, faces a tough battle in Congress, with the Trump split and a hostile attitude on the part of Democrats.[/ltr]
[ltr]Republicans plan to cut corporate income tax rates, cut taxes for small businesses, cut the upper limit for individuals' income tax, and eliminate some of the widely used tax exemptions, including those in high-tax states dominated by Democrats.[/ltr]
[ltr]"It will be something special," Trump told reporters at the White House, describing the proposal as "the biggest significant tax cut in US history."[/ltr]
[ltr]The plan, developed over months of talks between Trump's aides and top Republicans in Congress and welcomed by big companies, contains little details on how to implement those cuts without increasing deficits.[/ltr]
[ltr]Asked by reporters, Trump said he would "personally not benefit financially from the proposal."[/ltr]
[ltr]Unlike many of his predecessors at the White House, the US president, who declined to announce his tax returns, said: "I think there is very little benefit for the rich."[/ltr]
[ltr]The Republicans have not achieved major legislative successes since Trump took office in January, despite their control of the White House and the two houses of Congress.[/ltr]
[ltr]The White House said that under the proposal, less income from middle-class families would be subject to federal income tax.[/ltr]
[ltr]The plan would cut the maximum personal income tax to 35 percent instead of 39.6 percent, but would almost double the standard discount, a fixed amount of tax-free income, to all taxpayers.[/ltr]
[ltr]The plan recognizes the company's corporate tax rate at 20 percent, down from the current 35 percent, but not as low as Trump initially asked for 15 percent.[/ltr]
[ltr]Trump said on Wednesday that the 15 percent tax proposal was a negotiating position so he could get a rate of 20 percent. "I'm not negotiating that number ... 20 percent is an excellent figure," Trump said on Wednesday.[/ltr]
[ltr]Companies in the United States pay high taxes by international standards, but many companies pay taxes lower than the main rate due to loopholes and tax breaks.[/ltr]
[ltr]Democrats say the plan will increase the federal deficit to implement tax cuts for wealthy Americans rather than middle-class families who Trump and Republicans say are seeking to help them.[/ltr]
https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.mawazin.net%2F%D8%A7%D9%84%D8%AC%D8%A8%D9%88%D8%B1%D9%8A-%D9%8A%D8%AA%D9%88%D8%AC%D9%87-%D8%A7%D9%84%D9%89-%D8%A7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A8%D9%86%D8%A7-%D8%B9%D9%84%D9%89-%D8%AF%D8%B9%D9%88%D8%A9-%D8%B1%D8%B3%D9%85%D9%8A%D8%A9%2F%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9&edit-text=
From 2017-09-28 at 08:59 (Baghdad time)
[ltr][/ltr]
[ltr]Follow up of Mawazine News[/ltr]
[ltr]US President Donald Trump has proposed the biggest tax reform in the United States in three decades, offering tax cuts to most Americans.[/ltr]
[ltr]But he has drawn criticism that Trump's plan is in the interests of the wealthy and corporations and could add trillions of dollars to the deficit.[/ltr]
[ltr]The proposal, which the Republican president says is aimed at helping people who work and create jobs, faces a tough battle in Congress, with the Trump split and a hostile attitude on the part of Democrats.[/ltr]
[ltr]Republicans plan to cut corporate income tax rates, cut taxes for small businesses, cut the upper limit for individuals' income tax, and eliminate some of the widely used tax exemptions, including those in high-tax states dominated by Democrats.[/ltr]
[ltr]"It will be something special," Trump told reporters at the White House, describing the proposal as "the biggest significant tax cut in US history."[/ltr]
[ltr]The plan, developed over months of talks between Trump's aides and top Republicans in Congress and welcomed by big companies, contains little details on how to implement those cuts without increasing deficits.[/ltr]
[ltr]Asked by reporters, Trump said he would "personally not benefit financially from the proposal."[/ltr]
[ltr]Unlike many of his predecessors at the White House, the US president, who declined to announce his tax returns, said: "I think there is very little benefit for the rich."[/ltr]
[ltr]The Republicans have not achieved major legislative successes since Trump took office in January, despite their control of the White House and the two houses of Congress.[/ltr]
[ltr]The White House said that under the proposal, less income from middle-class families would be subject to federal income tax.[/ltr]
[ltr]The plan would cut the maximum personal income tax to 35 percent instead of 39.6 percent, but would almost double the standard discount, a fixed amount of tax-free income, to all taxpayers.[/ltr]
[ltr]The plan recognizes the company's corporate tax rate at 20 percent, down from the current 35 percent, but not as low as Trump initially asked for 15 percent.[/ltr]
[ltr]Trump said on Wednesday that the 15 percent tax proposal was a negotiating position so he could get a rate of 20 percent. "I'm not negotiating that number ... 20 percent is an excellent figure," Trump said on Wednesday.[/ltr]
[ltr]Companies in the United States pay high taxes by international standards, but many companies pay taxes lower than the main rate due to loopholes and tax breaks.[/ltr]
[ltr]Democrats say the plan will increase the federal deficit to implement tax cuts for wealthy Americans rather than middle-class families who Trump and Republicans say are seeking to help them.[/ltr]
https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.mawazin.net%2F%D8%A7%D9%84%D8%AC%D8%A8%D9%88%D8%B1%D9%8A-%D9%8A%D8%AA%D9%88%D8%AC%D9%87-%D8%A7%D9%84%D9%89-%D8%A7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A8%D9%86%D8%A7-%D8%B9%D9%84%D9%89-%D8%AF%D8%B9%D9%88%D8%A9-%D8%B1%D8%B3%D9%85%D9%8A%D8%A9%2F%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9&edit-text=
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