Trump introduces biggest Tax reform plan in US history

Ambitious tax reforms plan by US President Trump, Corporate tax to be reduced to half, major cuts also in personal income tax rates; new policy expected to further push up stocks markets in India which ended in record high on Wednesday.

Trump administration yesterday released biggest tax reform plan in US history that proposes to sharply slash business taxes and steeply discount the rate on corporate profits brought back into the United States.

The tax plan proposes cutting top income tax rate from 39.6 per cent to 35 per cent, and doubling the amount Americans can deduct from their tax returns.

The tax reforms also propose to repeal estate tax, the alternative minimum tax and providing tax relief for families with child and dependent care expenses.

Economists say the policy would add trillions of dollars to the deficit over the next decade.

New rates are expected to further push up stocks markets in India which ended in record high yesterday.