BP has said Donald Trump’s sweeping changes to US taxes will knock about $1.5bn (£1.1bn) off its profits for the end of 2017. Stock markets have surged in recent weeks after the US Congress pushed through the corporate tax rate cut from 35% to 21%, as investors think it will lead to a jump in company profits. Trump has said the biggest overhaul of the US tax system since the 1980s would be “fantastic for the economy”. Trump tax plan: the key points from the final bill Read more“Corporations are literally going wild over this, I think even beyond my expectations, so far beyond my expectations,” he said. The tax changes may help Apple to bring back its $252.3bn in foreign cash.

Source: The Guardian January 02, 2018 14:15 UTC