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
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
