Photo:Washington: The White House unveiled an ambitious tax overhaul plan Wednesday, proposing deep cuts for individuals and businesses in what it called one of the biggest tax reforms in US history. US corporate income is currently taxed regardless of where it is earned, prompting many firms to keep part their foreign earnings offshore. Analysts say cutting the top corporate rate to 15% could add more than $2 trillion to the deficit over a decade. They also dispute White House expectations that the tax cuts will boost economic growth and bring in enough revenues to offset the cost. For individuals, the reform promises to simplify tax declaration by, among other things, reducing the number of income tax brackets from seven to three, at 10%, 25% and 35%.

Source: Mint April 26, 2017 19:52 UTC