Photo: ReutersUS President Donald Trump has defended a Republican tax-cut plan against Democratic charges that it favors the rich, saying it will be "one of the great Christmas gifts" for the middle class with just days to go before Congress votes. The proposed package would slash the US corporate tax rate to 21% and cut taxes for wealthy Americans. Trump repeated on Saturday that the tax overhaul would help bring in $US4 trillion ($NZ5.7 trillion) in foreign profits from US companies. The tax plan proposes new rules for repatriating cash held overseas. "That's money that's overseas that's stuck there for years and years."

Source: Otago Daily Times December 16, 2017 20:15 UTC