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US President Donald Trump to Unveil “Biggest Tax Cut and Largest Tax Reform” in US History

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US, April 25, 2017: President Donald Trump is set to unveil “the biggest tax cut and the largest tax reform” in the country’s history, Treasury Secretary Steven Mnuchin said Wednesday.

The Treasury chief said it would cut the corporate tax rate from 35 percent, the highest in the industrialized world, to 15 percent for all businesses. White House aides said the top individual tax rate of 39.6 percent would be trimmed by a few percentage points.

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Mnuchin said the Trump administration hopes to simplify an annual rite in the U.S. when citizens file their tax returns in the early months of each year to account for the taxes they owe based on the income they earned the previous year.

Mnuchin said the “objective is simplifying personal taxes. For most Americans, we think they should be able to do their taxes on a large postcard,” instead of the voluminous pages of forms many taxpayers now face.

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Congress is expected to closely scrutinize Trump’s plan to sharply cut corporate taxes, which some analysts say could over the next decade add $2 trillion to the nearly $20 trillion in long-term debt the U.S. has already amassed.

Some Republicans have expressed concerns the Trump plan does not call for adding any new revenue-producing measures that would offset the lost revenue with the tax cuts.

During his campaign for the White House, Trump attacked his predecessor, former President Barack Obama, for massive annual deficit spending that added to the national debt, but now seems unconcerned about it. Mnuchin told reporters this week that “tax reform will pay for itself with economic growth” that would boost tax revenues, a proposition that many economists reject.

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Congress is likely to debate the Trump plan for months, but Trump gained one quick ally for the coming legislative fight over U.S. tax policy. The leader of the Republican-controlled House of Representatives, Speaker Paul Ryan, voiced support for much of the president’s proposal.

“We like it a lot, it puts us on the same page, we’re in agreement on 80 percent, and on the 20 percent we’re in the same ballpark,” said Ryan.

Mnuchin said the corporate tax cuts are aimed at sparking sustained 3 percent economic growth in the U.S., a figure well above last year’s tepid 1.6-percent advance. The U.S. has not recorded 3 percent annual growth since 2005, even as it recovered from the depths of the steep recession in 2008 and 2009.

White House spokesman Sean Spicer said Tuesday the U.S. has been “uncompetitive” against other countries in attracting new businesses, “largely because of our rates.”

U.S. lawmakers have for years vowed to adopt broad tax reforms, but the efforts have foundered amid competing demands to eliminate tax breaks for some corporate and individual interests and raise taxes on others. Many of Trump’s Republican colleagues in Congress have their own ideas on how the labyrinth U.S. tax code ought to be reshaped.

Tax experts say the 35 percent U.S. corporate tax rate is the highest among the world’s 35 industrialized nations, although U.S. corporations rarely pay that much because they are permitted to deduct their business expenses from their revenues before. A number of profitable companies pay no U.S. income taxes.

When the 35-percent rate is added to the average state corporate tax rate, the figure reaches 38.9 percent, which ranks third in the world among 188 countries surveyed by the Washington-based Tax Foundation. The U.S. figure trails only that of the United Arab Emirates at 55 percent and the U.S. territory of Puerto Rico at 39 percent. (VOA)

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Trump Endorses Short-Term Bipartisan Fix For Obama Care

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Washington, October 18: US President Donald Trump on Wednesday expressed support for a bipartisan initiative to restore the Obama Care subsidies he suspended last week.

“We have been involved and this is a short-term deal because we think ultimately block grants going to the states is going to be the answer,” Trump told reporters at the White House, Efe news reported.

Senators Lamar Alexander (R-Tenn.) and Patty Murray (D-Wa.) announced on Tuesday an accord “in principle” to re-instate for two years the cost-sharing reduction payments, known as CSRs, that Trump halted last week.

The proposal would at the same time give states “more flexibility in the variety of choices they can give to consumers”, Alexander said.

Alexander, the chair of the Senate Health Committee, received encouragement from the President last weekend for his attempt to find common ground with the Democrats.

“Lamar has been working very, very hard with … his colleagues on the other side, and, Patty Murray is one of them in particular, and they’re coming up, and they’re fairly close to a short-term solution. The solution will be for about a year or two years, and it will get us over this intermediate hump,” Trump said on Tuesday.

Trump signed an executive order last Thursday loosening some of the requirements set down for health insurance plans by the Affordable Care Act (ACA), the signature domestic policy initiative of his predecessor Barack Obama.

He signed another directive terminating the CSR payments late Thursday night.

The President, who vowed to repeal and replace the ACA – popularly known as ObamaCare – has grown frustrated by the failure of the Republican-controlled Congress to pass a bill undoing the 2010 legislation.

“This takes care of the next two years,” Alexander said of his and Murray’s proposal. “After that, we can have a full-fledged debate on where we go long-term on health care.”

Murray, meanwhile, said that the plan would protect people from sharp increases in premiums resulting from Trump’s decision to end the CSR payments.

“Overall we are very pleased with this agreement,” Senate Democratic leader Chuck Schumer said, praising the deal for including “anti-sabotage provisions” to prevent the administration from undermining the ACA.

The Republican lawmakers were reluctant to comment on the Alexander-Murray accord.

“We haven’t had a chance to think about the way forward yet,” Senate Majority Leader Mitch McConnell said after meeting with his Republican colleagues.

Despite his encouraging words for Alexander, Trump kept up his criticism of the ACA.

“Obama Care is virtually dead. At best you could say it’s in its final legs. The premiums are going through the roof. The deductibles are so high that people don’t get to use it. Obama Care is a disgrace to our nation and we are solving the problem of Obama Care,” he said. (IANS)

 

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Northeast is Fast Emerging as the new Start-up Destination, Says Minister Jitendra Singh

Due to improvement in connectivity and transport facility in the last two years, coupled with concentrated administrative focus, more and more youngsters are now heading towards the northeastern states to venture into entrepreneurship

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Union Minister of State for Development of the North Eastern Region Jitendra Singh. Wikimedia

New Delhi, October 16, 2017 : Union Minister of State for Development of the North Eastern Region (DoNER) Jitendra Singh claimed that the area was fast emerging as the new start-up destination for youngsters from all over India, an official statement on Monday.

Due to improvement in connectivity and transport facility in the last two years, coupled with concentrated administrative focus, more and more youngsters are now heading towards the northeastern states to venture into entrepreneurship and take advantage of its unexplored potential, he said, according to a DoNER Ministry statement.

Citing an example, he said in certain areas of Northeast, including states like Arunachal Pradesh, “while almost 40 per cent of the fruit goes waste on account of lack of adequate storage and transport facilities, the same can be used to produce and manufacture fresh and pure fruit juice at a much more cost-effective price”.

ALSO READ Over 4,000 km of roads, highways to be constructed in northeast

During an interaction with youngsters, Jitendra Singh also pointed out that many new airports coming up at Pakyong (Sikkim), Itanagar and Shillong, which along with a time-bound plan to lay broad-gauge rail track, would bring in further ease of doing business.

“Another sector of entrepreneurship which is fast emerging in Northeast is the medical and healthcare sector.

“For years, there has been a trend for patients to shift outside the region, mostly to Kolkata or Vellore, but the encouragement given to the private corporate sector has now resulted in the opening of new hospitals within the region itself and young entrepreneurs are taking the lead,” he said. (IANS)

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Donald Trump Expands Travel Ban, Restricts Visitors from 8 Countries

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President Donald Trump speaks with reporters before boarding Air Force One at Morristown,Municipal airportN.J. (source: VOA)

Washington, September 25:— The revised US travel ban will restrict travellers from eight countries to visit the United States, says an order signed by President Donald Trump on Sunday. The new travel ban, which takes effect on, October 18, will restrict residents of Chad, Iran, Libya, North Korea, Somalia, Syria, Venezuela and Yemen.

According to the U.S. officials, these countries have refused to share information about terrorism and other issues with the United States.The new travel ban drops Sudan from the list but adds Chad, Venezuela and North Korea to the original six Muslim-majority countries.

The announcement late Sunday came as Trump’s previous temporary travel ban on visitors from six Muslim-majority countries was expiring, 90 days after it went into effect. The earlier order had barred citizens of Iran, Libya, Somalia, Sudan, Syria and Yemen from entering the U.S. unless they had a “credible claim of a bona fide relationship with a person or entity in the United States.”

US President Donald Trump’s travel ban inflicts “Significant harm” on Muslim Americans

Reaction to the president’s order from human-rights organizations and other groups that work with immigrants was largely negative.

The Council on American-Islamic Relations (CAIR), the nation’s largest Muslim civil rights and advocacy organization, said the latest version of the “Muslim ban” that Trump tried to introduce on taking office earlier this year as part of the administration’s “ugly white supremacist agenda.”

Trump said in the new proclamation: “As president, I must act to protect the security and interests of the United States and its people. The restrictions announced are tough and tailored, and they send a message to foreign governments that they must work with us to enhance security.”

Trump last week called for a “tougher” travel ban after a bomb partially exploded on a London subway.Trump last week called for a “tougher” travel ban after a bomb partially exploded on a London subway.