Trump outlines major tax cut plans

YemenExtra

US President Donald Trump has called for major tax cuts as part of a longstanding Republican effort to overhaul the US tax system.

A framework released by Republicans calls for lowering the tax rate for corporations from 35% to 20%, among other changes.

The president said the revamp will make the US more competitive and help middle class families.

Democrats criticised the plan as a give-away for the wealthy.

The Republican blueprint does not detail what tax benefits might be eliminated to offset the cost of the cuts – negotiations that are likely to be difficult.

The Chamber of Commerce, an influential business group that has pushed for reform, said it would remain engaged during the “hard decisions” ahead.

Source: BBC