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The US Treasury expects to approve tax reform by the end of the year
05/10/2017 12:00 am [rtl]The rise in Americans' wealth in the second quarter indicates the recovery of the economy Washington / Nafie Fartoussi US household wealth increased by about $ 7.1 trillion from the first quarter, signaling the recovery of the US economy, which has suffered heavy losses in the insurance, services and electricity sectors recently following Hurri and Erma, which left nearly $ 300 billion in losses. US households' wealth rose to $ 2.96 trillion in the second quarter of this year as stock markets and property prices continued to rise, according to a report released by the Federal Reserve last weekend. Household borrowing increased by 7.3 percent year-on-year in April-June 2017, up 3.0 percent from the first quarter. Real estate loans grew 2.8 percent year-on-year, down 4.3 percent from a year ago. Cash assets held by nonfinancial firms stood at $ 26.2 trillion, up from $ 19.2 trillion in the first quarter. The US economy continues to grow with jobs rising to an excellent rate, while unemployment is only 4.4 percent, which economists believe is nearing full employment . The Fed raised its forecast for the US economy growth rate in 2018 to 4.2 percent, up from 2.2 percent in June. US Treasury Secretary Stephen Manuchein and House Speaker Paul Ryan expressed confidence that Congress would approve US tax reform by the end of the year. "We want America to wake up on the first day of the new year 2018 on a new and judicious tax system," Ryan said, adding that his goal was to have a corporate tax rate of 5.22 percent or less, while the White House demanded a corporate tax cut from 35 percent to 15 percent , In addition to granting the middle class more tax exemptions. US President Donald Trump said last week that wealthy Americans would gain nothing under his tax reform plan and might even have to pay higher taxes. Treasury Secretary Manuchein, who described tax reform as his top priority and President Donald Trump, said he was optimistic the reform could be completed before the end of the year. "The draft law is ready and will be sent to the relevant committees for discussion andenrichment," Manochin was quoted by US media as saying . "We are looking for a reduction in income tax for the middle class," Manuchin said at a forum in Washington last Thursday. "The details of the tax reform plan will be published later this month and will include a proposed rate for corporate tax [/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=145392 [/rtl] |
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