U.S. President Donald Trump
unveiled his tax platform on Wednesday, and one thing is clear: the
rich will get richer.
In a White House briefing,
National Economic Director Gary Cohn and Treasury Secretary Steven
Mnuchin announced Trump's plan, which will drastically cut the U.S.
corporate tax rate to one of the lowest among the world's developed
economies from 35 percent to 15 percent.
"Welcome to Goldman Sachs
populism!" said Public Citizen president Robert Weissman.
"The Goldman Sachs tax plan will slash taxes on giant
corporations and the corporate elite. With the elimination of the
alternative minimum and estate taxes, it not so incidentally appears
to confer huge benefits on President Trump himself — though of
course, we can’t know for sure so as long as Trump’s tax returns
remain secret."
The proposal aims to reduce the
individual income rates and reduce brackets from seven to three,
pegged at 10, 25 and 35 percent. The so-called “death tax” for
inheritance will also be scrapped under the proposal.
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