Trump to unveil tax cuts Wednesday

AFP,WASHINGTON: US President Donald Trump will roll out a plan to reform America’s tax code Wednesday, a high stakes bid to salvage his agenda and bolster his faltering presidency.

Amid a string of legislative setbacks, Trump teased a “big announcement tomorrow,” when the White House and Republicans will unveil tax reform plans.

“I’ve asked lawmakers in both parties to discuss our framework for tax cuts and tax reform,” Trump said. “It will be a very, very powerful document.”

Trump wants to simplify the thousands-of-pages-long tax code, cut income taxes “not just a little bit, but tremendously” for the middle class, cut the corporate rate to as low as 15 per cent and “bring back trillions of dollars in wealth” from US firms “parked overseas.”

“The jobs will start pouring in from all over the world coming back to our country,” Trump said.

Overhauling the tax system has long been a political Holy Grail for the Republican Party.

But despite Republican control of both chambers of commerce, party officials admit that more modest tax cuts are now the main aim.

Even that may receive some blowback, if the cuts are not paid for and so add to America’s already high deficit.

Tax reform was a major Trump campaign pledge, but has taken on extra importance after his efforts to enact promised healthcare reform and build a border wall stalled.

Trump lamented being “very disappointed by a couple of senators—

Republican senators,” who opposed efforts to overturn Obama-era health reforms.

 

 

Trump to unveil tax cuts Wednesday

AFP,WASHINGTON: US President Donald Trump will roll out a plan to reform Americas tax code Wednesday, a high stakes bid to salvage his agenda and bolster his faltering presidency. Amid a string of legislative setbacks, Trump teased a big announcement tomorrow, when the White House and Republicans will unveil tax reform plans. Ive asked lawmakers in both parties to discuss our framework for tax cuts and tax reform, Trump said. It will be a very, very powerful document. Trump wants to simplify the thousands-of-pages-long tax code, cut income taxes not just a little bit, but tremendously for the middle class, cut the corporate rate to as low as 15 per cent and bring back trillions of dollars in wealth from US firms parked overseas. The jobs will start pouring in from all over the world coming back to our country, Trump said. Overhauling the tax system has long been a political Holy Grail for the Republican Party. But despite Republican control of both chambers of commerce, party officials admit that more modest tax cuts are now the main aim. Even that may receive some blowback, if the cuts are not paid for and so add to Americas already high deficit. Tax reform was a major Trump campaign pledge, but has taken on extra importance after his efforts to enact promised healthcare reform and build a border wall stalled. Trump lamented being very disappointed by a couple of senators Republican senators, who opposed efforts to overturn Obama-era health reforms.