Trump announces one of US’s biggest tax reforms

Donald Trump, President of the United States, has proposed slashing the tax his government charges on corporate and pass-through business profits from 35% or more to 15%. He also offered tax cuts to average Americans while sharing a rough outline of his plans for the tax policy.



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White House has released a one-page summary of Trump’s proposals, and said that the POTUS also aims to reduce the number of tax brackets from seven to three, double the number of standard deductions that Americans can claim while filing their taxes, and also cancel the estate tax and alternative minimum tax.

The U.S. law states that only Congress can make major tax law changes, and lawmakers have greeted his plans as the doorway to discuss refurbishing the tax code.