As Donald Trump started losing his supporters quickly, he came up with a new plan. Should he become the US president, the tycoon promised the largest ‘tax revolution’ since Ronald Reagan.
The Republican nominee intends to cut taxes significantly saying that the income tax for American companies would not exceed 15 percent, which means a 20 percent cut. Though this appealing offer could have quite unpleasant consequences for the public budget, the politician is sure that his tax strategy will bring the US business back to the country. Nowadays, many American companies moved their businesses abroad, to countries with softer tax legislation. Due to this, the country is losing funds and vacancies. Mr. Trump also promised to introduce a one-shot 10 percent tax on US corporate profits, which are now placed overseas, in order to get them home.
Besides, the billionaire is eager to reduce income tax brackets from current seven levels to three – of 12%, 25%, and 33%.
