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.
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.