日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

USEUROPEAFRICAASIA 中文雙語Fran?ais
World
Home / World / Americas

Trump's administration unveils tax cut principles

Xinhua | Updated: 2017-04-27 08:49
Trump's administration unveils tax cut principles

US Secretary of the Treasury Steven Mnuchin discusses the Trump administration's tax reform proposal in the White House briefing room in Washington, US, April 26, 2017. [Photo/Agencies]

WASHINGTON - US President Donald Trump's administration on Wednesday unveiled the principles of the long-awaited tax reform plan that will significantly cut income taxes for Americans and corporates, ahead of the administration's first 100 days in office.

The plan would reduce the number of personal income tax brackets to three from seven, and it would cut the top individual income tax rate to 35 percent from 39.6 percent, Gary Cohn, director of the White House National Economic Council (NEC), said at a press briefing at the White House.

At the same time, the plan would cut the corporate income tax rate to 15 percent from 35 percent, and it would also impose a one-time tax on overseas profits of US companies, US Treasury Secretary Steven Mnuchin said at the same press briefing.

That "will bring back trillions of dollars that are offshore to be invested here in the United States, to purchase capital and to create jobs," he said.

The plan would also eliminate all tax deductions for individuals except from mortgage interests and charitable tax deductions, according to Mnuchin.

"We have a once-in-a-generation opportunity to do something really big," Cohn said, noting President Donald Trump has made tax reform a priority and the Republican-controlled Congress also wants to get it done.

"We are determined to move as fast as we can and get this done this year," Mnuchin added.

However, it's still unclear whether the plan, what US officials called the "biggest tax cut" in US history, would be revenue-neutral or would significantly increase US fiscal deficits.

Mnuchin has repeatedly argued that the administration would count on the compounding effect of strong economic growth over the next decade to finance the tax cuts.

"This will pay for itself with growth and with reduction of different deductions and closing loopholes," he said.

However, many economists are skeptical about that argument, as the US economic growth will average about only 1.9 percent over the next ten years, according to the nonpartisan Congressional Budget Office.

"In order for a corporate income tax cut to 15 percent to be self-financing, it would have to raise the level of growth to 2.8 percent on average," said Alan Cole, an economist at the Tax Foundation, adding most economic models would not expect the tax cuts to boost US growth by additional 0.9 percentage points over the 10-year budget window.

The details of a complete tax proposal probably won't be ready until June, according to Mick Mulvaney, director of the White House Office of Management and Budget.

"You can either have a small tax cut that's permanent or a large tax cut that is short-term. I don't think we decided that," Mulvaney told Fox News on Sunday.

 

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 牛牛av | 成人精品国产 | 久久精品成人一区二区三区蜜臀 | 国产五十路 | 亚洲天天干 | 国产女人高潮毛片 | 欧美一区中文字幕 | 亚洲天堂色图 | 亚洲欧美大片 | 都市激情视频 | 欧美在线亚洲 | 青青草综合网 | 可以免费看的毛片 | 精品成人免费一区二区在线播放 | 欧美日韩在线视频免费 | 国产一区二区三区欧美 | 一级黄色大片视频 | 性色av免费| 深夜福利网站在线观看 | 91久久精品视频 | 亚洲黄色大片 | 日韩免费一区 | 黄色拍拍视频 | 亚洲男人天堂视频 | 国产精品视频大全 | 深夜视频在线播放 | 日本在线一级 | 一级无毛片| 97超碰国产在线 | 亚洲成熟女人毛茸茸 | 一级免费片 | 国产一区,二区 | 国产另类精品 | 在线亚洲色图 | 五月婷婷开心网 | 在线国产一区 | 成人做爰69片免费观看 | 爱情岛论坛亚洲自拍 | 四虎影视网站 | 黄色av免费在线 | 亚洲综合网址 |