On Wednesday, U.S. President Donald Trump announced the plan of tax reform, aimed, according to him, at easing burden for not only large corporations and rich Americans, but also for middle class.
U.S. President presented the initiative, developed jointly with party fellows during his stay in Indiana, Ukrinform’s own correspondent reports.
“It is a correct and timely reduction of taxes. The Democrats and Republicans in the Congress should unite to make possible its gigantic victory for U.S. citizens”, U.S. President told.
He emphasized that the initiative is aimed at obtaining advantages for middle class. According to him, the reform will allow “lowering taxes, recovering economy and competitive advantage of America”.
The presented plan envisages three individual tax rates at 12%, 25% and 35%. Currently, the highest tax rate (for the persons, obtaining high income) is 39.6%.
In addition, the initiative, announced by the President, envisages the reduction of corporate rate from 35% to 20% as well as the possibility of lowering taxes to 25% for limited liability companies.
The liberal U.S. media already drew attention that new Trump’s proposals on tax reduction create the possibility to distract attention from failed attempt of the President and Republican Party to curtail the existing medicare system Obamacare. In addition, the initiative already obtained support from conservatives, uniting the party after disputes around the new insurance system in the United States.
