Thursday, 27 April 2017

Trump Administration officials announce tax reform principles

Treasury Secretary Steven Mnuchin and White House National Economic Council (NEC) Director Gary Cohn today unveiled Trump Administration principles (Principles) for tax reform that call for lowering business tax rates to 15 percent for corporations, with “small business owner/operators” also eligible for the business rate.  The Principles also call for moving to a territorial tax system from the current worldwide US tax system, and for enacting a one-time repatriation tax on the foreign earnings of US companies.

Source & more info: PwC