Baku. 27 April. REPORT.AZ/ US government spoke about tax reform yesterday, April 26.
Report informs citing Bloomberg, chief economic advisor to President Donald Trump Gary Cohn and US Secretary of the Treasury Steven Mnuchin made a statement.
According to analysts, a list of goals for the tax overhaul calls for slashing the federal income-tax rate to 15 percent for corporations, small businesses and partnerships of all sizes.
The White House made its opening bid for what officials called the “biggest tax cut” in U.S. history - with cuts that would benefit businesses, the middle class and certain high-earning individuals - but left unanswered questions about whether the plan would be paid for, or how.
The White House proposal didn’t specify whether a tax plan should be revenue-neutral - if it isn’t, the cuts would expire within a decade. It didn’t take a position on revenue-raisers that House Republican leaders have proposed, including a border-adjusted tax on imports and domestic sales.
Mnuchin and Cohn fled to answer the question about impact of tax reform on state budget and Trump's family.
Report informs, the law must go through the US House of Representatives and the Senate for approval. Democrats are likely to oppose the project. Reaction of Republicans is under the question. Articles in Tax reforms coincide with Trump’s pre-election promises.
After the statements slight decline recorded in US stock markets. Dow Jones index showed a decrease of 0.1% yesterday. Us dollar rate got a bit stronger.