President Donald Trump (File Photo) President Donald Trump (File Photo)The Trump administration on Thursday reduced the tax rates both in the business and individual categories, declaring it to be “one of the biggest tax cuts in American history”. The corporate tax was reduced from the current 35 per cent to 15 per cent, individual tax rates were also lowered and several tax rates such as the death tax was eliminated. Cohen praising the proposed tax reduction done by the Trump administration said, “This tax reform package is about economic growth and creating jobs”. Working on eliminating different tax breaks which basically benefits the wealthiest taxpayers, the Trump administration has also proposed to quash the Alternative Minimum Tax, the death tax and the 3.8 per cent Obamacare tax. The Trump administration will be holding listening sessions with stakeholders in May seeking inputs in order to improvise the proposed tax relief step which aims at providing massive tax relief, creating new jobs and making America more competitive.

Source: Indian Express April 26, 2017 20:07 UTC