The white house and the Republican Congress completed the tax plan, which will significantly reduce taxes and simplify the Federal tax code.
As reported by the Associated Press on condition of anonymity before the official announcement, people familiar with the plan, presumably, it would lower the tax rate for the wealthiest Americans from 39.6 percent to 35 percent.
In addition, the tax for corporations will be reduced from 35% to 20%. President Donald trump said earlier that he would prefer a 15% tax rate for corporations, but the speaker of the house of representatives Paul Ryan called this percentage is impractical low.
«It could add to public debt another 20 trillion dollars,» said Ryan.
Now tax law changes are a priority for trump as the Republican party while unsuccessfully trying to repeal the health care law of Barack Obama. According to political analysts and economists, political stakes for the President are very high, as in his campaign he promised the country a 3% economic growth and increase jobs by reducing taxes.
It is expected that Vice-President Mike Pence on Thursday will be held in Michigan and Wisconsin meeting with business leaders to promote tax reform.
Kevin Brady, a Republican and a member of the house of representatives, noted that the new tax code will correct the old, «such an expensive, complex and unfair».
According to Brady, the new plan will provide «the lowest in modern history tax rates for businesses.»
The bill will be nominated after the Senate adopt the budget.
