US To Cut Tax Rates

Published: Wilson Clark

On: Dec 2017

US president Donald Trump campaigned for his presidential elections with many financial issues; deducting tax rates was ine of them.

By putting a bill in the in front if both the congresses, Republicans have taken a step US has not seen in last 30 years.

As per the provisions made in the bill, US corporate tax rate will be cut to 21% from 35%; while, individual income tax has been brought down to 37% from the current rate of 39.6%.

President has mentioned that he wants the bill to be signed into the law by Christmas this year.

However, Democrats are not happy with the bill revealed by the Republicans. They are critisizing the bill by saying that only rich will be benefitted from these changes made in tax rates.

The non-partisan Joint Committee on Taxation has put its opinion saying  that the measures would add around $1.4tn more to the national debt over 10 years.

The Senate and the House of Representatives will vote on the bill next week.