US tax legislation is about to experience major changes
During an interview with the Associated Press on Sunday Donald Trump promised a “massive tax reform” for both businesses and people. The details of the reform plan will be announced as early as this Wednesday.
President Trump continues to follow his domestic policy agenda that focuses primarily on healthcare system, business regulations and tax laws. While Trump's attempt to annul the healthcare law adopted by Obama failed in Congress, the US president decided to refocus on taxes.
The American tax code has been so far a way too complicated and attracted widespread criticism from both businesses and Americans. The new reform is aimed at simplifying the process of tax filing and closing the existing loopholes of the tax legislation. As it was stressed by U.S. Treasury Secretary Steven Mnuchin, the idea of the new reform is “to create a system where the average American can file a tax code on a big postcard”.
Another highlight of the new plan is a large tax cut for the middle class and enterprises, that according to the financial analysts will lead to economic growth in the long run.
