日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

USEUROPEAFRICAASIA 中文雙語Fran?ais
World
Home / World / Americas

Trump's administration unveils tax cut principles

Xinhua | Updated: 2017-04-27 08:49
Trump's administration unveils tax cut principles

US Secretary of the Treasury Steven Mnuchin discusses the Trump administration's tax reform proposal in the White House briefing room in Washington, US, April 26, 2017. [Photo/Agencies]

WASHINGTON - US President Donald Trump's administration on Wednesday unveiled the principles of the long-awaited tax reform plan that will significantly cut income taxes for Americans and corporates, ahead of the administration's first 100 days in office.

The plan would reduce the number of personal income tax brackets to three from seven, and it would cut the top individual income tax rate to 35 percent from 39.6 percent, Gary Cohn, director of the White House National Economic Council (NEC), said at a press briefing at the White House.

At the same time, the plan would cut the corporate income tax rate to 15 percent from 35 percent, and it would also impose a one-time tax on overseas profits of US companies, US Treasury Secretary Steven Mnuchin said at the same press briefing.

That "will bring back trillions of dollars that are offshore to be invested here in the United States, to purchase capital and to create jobs," he said.

The plan would also eliminate all tax deductions for individuals except from mortgage interests and charitable tax deductions, according to Mnuchin.

"We have a once-in-a-generation opportunity to do something really big," Cohn said, noting President Donald Trump has made tax reform a priority and the Republican-controlled Congress also wants to get it done.

"We are determined to move as fast as we can and get this done this year," Mnuchin added.

However, it's still unclear whether the plan, what US officials called the "biggest tax cut" in US history, would be revenue-neutral or would significantly increase US fiscal deficits.

Mnuchin has repeatedly argued that the administration would count on the compounding effect of strong economic growth over the next decade to finance the tax cuts.

"This will pay for itself with growth and with reduction of different deductions and closing loopholes," he said.

However, many economists are skeptical about that argument, as the US economic growth will average about only 1.9 percent over the next ten years, according to the nonpartisan Congressional Budget Office.

"In order for a corporate income tax cut to 15 percent to be self-financing, it would have to raise the level of growth to 2.8 percent on average," said Alan Cole, an economist at the Tax Foundation, adding most economic models would not expect the tax cuts to boost US growth by additional 0.9 percentage points over the 10-year budget window.

The details of a complete tax proposal probably won't be ready until June, according to Mick Mulvaney, director of the White House Office of Management and Budget.

"You can either have a small tax cut that's permanent or a large tax cut that is short-term. I don't think we decided that," Mulvaney told Fox News on Sunday.

 

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 国产成人综合AV在线观看不止 | 奇米中文字幕 | 精品久久久一二三区 | 久久草电影 | 91看视频 | 99久久精品国产毛片 | 国产一区二区久久 | 国产一区二区三区不卡在线观看 | 在线a视频 | 日韩精品一区二区三区四区视频 | 久草青青在线视频 | 日本色网址| 精品免费视频 | 久久精品免费一区二区三区 | 999国产一区二区三区四区 | 欧美三级在线播放 | 521国产精品视频 | 无码缴情做A爱片毛片A片 | 色在线视频 | 久久9999| 久久成人国产精品 | 国产一区二区视频在线播放 | 欧美激烈大尺度叫床的床戏 | 久久久日韩精品一区二区 | 99热久久这里只有精品2010 | 精品久久久影院 | 91干b| 久久人人爽人人爽人人片va | 欧美资源在线观看 | 亚洲一区免费在线观看 | 久久观看 | 五月天婷婷久久 | 中文成人在线 | 欧美精品网站 | 国产精品中文 | 波多野结衣手机在线播放 | 欧美一级毛片在线看视频 | 黄在线免费看 | 日本高清免费h色视频在线观看 | 天天做天天爱天天大综合 | 国产精选91热在线观看 |