Trump's tax plan: is it really too good to be true?

During his campaign, President Donald Trump called for a simplified tax code and lower tax rates for businesses and families. The administration will provide further details this week about what that entails.

Trump's tax plan: is it really too good to be true?

During the campaign, Trump vowed to cut taxes for businesses; the current US corporate tax rate is 35%, among the highest globally. He has stated aims to reduce that to less than half, 15%. Another type of business - known as a pass through entity because profits pass through to the business owners, getting taxed as personal income can also apparently apply the same reduction. get that same rate. (Real estate firms - including Donald Trump's - are frequently arranged in this way.)

That corporate rate would be lower than the UKs (approximately 20%) and Hong Kong's (16.5%), however not as low as Ireland's (approximately 12.5%) would most likely give the country to tax haven status.


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