Trump to announce long-awaited tax overhaul plan on Wednesday
|Bloomberg out with more details on the US tax overhaul plan due to be announced later on Wednesday.
Key Expectations:
President Donald Trump and Republican leaders will announce their long-awaited tax overhaul plan Wednesday
Propose a top individual rate of 35 percent
Leave to Congress the decision of whether to create a higher bracket for top earners
The rate on corporations would be set at 20 percent, down from the current 35 percent rate
Businesses would be allowed to immediately write off their capital expenditures for at least five years, three people familiar with the plan told Bloomberg News
Companies with accumulated offshore profits would be subject to a one-time tax on those earnings -- clearing the way for that income to return to the US
The tax framework will still lack extensive details about ways to offset its rate cuts with additional revenue.
However, the state and local tax deduction would be abolished
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.