Trump administration prepared a draft significant tax cut
Фото: Depositphotos
US President Donald Trump intends to reform the tax system.
The changes imply significant tax cuts, reports “Voice of America".
"Now we are very determined to deal with significant tax cuts and tax system reform," Trump said.
24 March in an interview with the portal Axios, US Treasury Secretary Stephen Mnuchin said that work on drafting a law on tax reform has been going on for the last 2 months, and he personally controls this process.
According to him, the bill will include proposals to reduce taxes on income of individuals and corporations.
“Our focus is on reducing the tax burden on middle-income people, not high-income people,” Mnuchin said.
He did not disclose the size of the proposed corporate income tax rate, however, he said that it would be “much lower” than the existing rate in 35%.
Mnuchin did not say whether the proposal to introduce the 20-percent import duty, which caused many disputes, was included in the new bill, but noted that the introduction of such a measure has its pros and cons.
The Minister of Finance promised that the plan for the reform of the tax system will be submitted to Congress for consideration shortly, and expressed the hope that the Parliament will approve it already in August 2017.
Presidential spokesman Sean Spicer said that, despite the fact that August is a very ambitious goal, the administration will try to adhere to the planned reform dates.
In the coming months, Congress will also have to consider raising the ceiling on US public debt.
Recall, Trump announced his intention to reform the tax system and cut taxes during the election campaign, as well as immediately after being elected president of the United States.
Read also on ForumDaily:
Handbook for those who pay taxes in the USA
How to independently file a tax return in the United States
Top-10 states with the highest real estate tax
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