“Giant tax cut” will be “Christmas gift” to fellow countrymen says Trump

Vastavam web: US President Donald Trump today said the Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages, and “massive tax relief” for American families and domestic companies.Trump recognised the tax reform as a campaign promise during his run-up to the 2016 presidential election, saying the “giant tax cut” will be his “Christmas gift” to fellow countrymen.”As we speak, Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages, and massive tax relief for American families and for American companies,” he said.

Trump cited an example to explain the impact of the tax cut: “The typical family of four earning USD 75,000 will see an income tax cut of more than USD 2,000, slashing their tax bill in half.” It nearly doubles the amount of income taxed at the rate of zero, he said, adding that the proposed tax reforms also closes special interest loopholes; and lowers tax rates for families. It cuts taxes on businesses, which is expected to raise income by an average of more than USD 4,000, he said.”But they’re all coming back. And you see it, even before we do this, that they’re starting to come back. Our country is starting to do really well again, and as a country we’re being respected again,” asserted the US President.

Trump told the nation that his administration will “never let bad things happen”, with respect to the economy of the country.”We’re not going to lose our businesses again like has happened over the last number of decades. America is coming back bigger, better, and stronger than ever before,” he said.Trump said that his administration is cutting regulation at a rate “never seen before in the history of the country”.

“We became great because our people, and because of our freedom. We became great because of our drive to find the next horizon, to unlock the next mystery, and to begin the next adventure,” he said.”That’s who we are: a nation of strivers and builders and dreamers and doers, people who treasure their independence and don’t know how to quit. Never quit. Never, ever give up — never, ever,” he said.”Right now they’re paying 35 per cent, and that’s the highest in the industrialized world — in many cases, by far.

And we’ll be bringing that down to a number that will be extremely impressive to a lot of people,” he said.The plan, he said, is going to bring trillions of dollars back into the United States, money that’s offshore.Well, 2.5 has grown, and it’s going to be a lot more than that — probably USD 4 trillion. It could be even higher than that.It’s so much money, we don’t even know how much it is,” he said.Trump said that “great companies” like Apple, have billions of dollars overseas that they want to bring back.