Economic news

White House presents main principles for tax reform

The administration of the U.S. President Donald Trump presented a long-awaited tax reform plan on Wednesday, which was one of the main campaign promises of the American leader.

The tax rate on business incomes is proposed to be reduced more than twice - from 35 to 15%, this will concern both large corporations and small and medium businesses. Also, a lower rate will be introduced for the return of companies' revenues from abroad, that, in the president's opinion, will stimulate the repatriation of this money.

In the future, the authorities promise to abolish the tax on international profits, which now stands at 35%.

U.S. Treasury Secretary Stephen Mnuchin is confident that these measures will help bring back "trillions of dollars" to the country. It is a great plan, that will help to put people back to work, Trump said.


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