For those who felt first 100 days of Donald Trump’s presidency was painful, he shoots an incredible answer by bringing up new tax policy to the table. The White House, on Wednesday, announced a significant tax reform since the year-1986 and it is one of the biggest tax cuts in American history.
Revealing the proposal put forward by US president Donald Trump, US Treasury Secretary Stephen Mnuchin said, ‘it is being released in the lead-up to 100th day of Trump administration.’ Prioritizing tax reform, the new government was way too quick (just 100 days) to announce new tax rates.
The government proposes to slash the tax rate from existing 35 percent or more to just 15% for corporate & business profits whereas the current personal income is lessened from 39.6 percent to 35 percent. Also, the new tax plan will double standard deduction for married couples to USD 24,000 and cancel the estate tax.
There’s also a huge tax relief for child-care and dependent care expenses. Throughout the election campaign, Republican Party contestant Donald Trump focused on three major and distinct objectives : ‘Creation of jobs, Economic Growth and helping low, middle-income families who have been left behind.’
The White House team were hopeful about getting a strong approval and support from Democratic Party members to get the bill passed.
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