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America is coming back bigger and better: Trump on tax law re-write

The tax cuts, he said, are the most significant reforms in American history

Press Trust of India  |  Washington 

APEC Summit, Donald Trump
Donald Trump.

is coming back bigger and better and stronger than ever before, has said as he highlighted the benefits of the recently passed reform bill to the country. Trump visited H&K Equipment, an industrial equipment company in yesterday. "I've come to the great city of to stand with people to show the world that is back, and that we are coming back bigger and better and stronger than ever before," Trump said in his address to workers of the company. At the centre of America's resurgence are the massive cuts, he stressed. The cuts, he said, are the most significant reforms in American history, with tremendous relief for working families, for small businesses, for big businesses that produce jobs. The sweeping overhaul of the US system signed into law by Trump just before The Cuts and Jobs Act will see corporate rates falling from 35 per cent to 21 per cent. Alongside new restrictions on shifting profits abroad, the cut is likely to lead to a major repatriation of US business profits that are at present being sheltered offshore. Individual taxes will also be cut, but more modestly. Trump said his administration have created nearly 2.2 million jobs since the election. The unemployment rate is at, now, an 18-year low and the number of Americans applying for unemployment benefits just hit a 45-year low, he said. More than two million American workers have already received a tax-cut bonus from their employers, pay raises, more money for retirement, he said. "And because of our business reforms, has just announced that they are bringing USD 350 billion, and putting it into investment into our country," he said.

First Published: Fri, January 19 2018. 13:04 IST
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