Merry Christmas: Trump pushes for tax cuts
The US House of Representatives Republicans has unveiled long-delayed legislation to deliver deep tax cuts that President Donald Trump has promised.
The bill, representing what would be the largest overhaul of the US tax system since the 1980s, called for slashing the corporate tax rate to 20 per cent from 35 per cent, cutting tax rates on individuals and families and ending certain tax breaks for companies and individuals.
Contentious provisions will test Republicans, who control the White House and both chambers of Congress but have been unable to deliver any major legislative achievements since Trump became president in January.VW explores UK banking licence ahead of Brexit
On Thursday, Trump said his administration is "working to give the American people a giant tax cut for Christmas".
"It will be the biggest cut in the history of our country. It will also be tax reform, and it will create jobs."
The bill would consolidate the current number of tax brackets to four from seven: 12 per cent, 25 per cent, 35 per cent and 39.6 per cent.Paradise Papers shine on the world's rich
A number of provisions in the bill would hit taxpayers in Democratic-leaning states hardest, like rolling back deductions for state and local taxes and cutting in half the popular mortgage interest deduction.
With Democrats solidly opposed to legislation they see as a giveaway to corporations and the rich that would expand the federal deficit, Republicans can ill afford to lose many in their own ranks as they aim to pass the bill in the coming weeks.
The House GOP bill would also phase out tax-exempt financing for sports stadiums and subject large private universities like Harvard and Stanford to 1.4 per cent excise tax on investment income. It would also repeal a long standing prohibition on religious institutions being involved in political activities.How to become a millionaire - according to the people who have already done it