Trump's Tax Plan Explained
April 27, 2017
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20:29Now PlayingTrump's Tax Plan Explained
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America is about to pay dearly for electing Republicans. Cenk Uygur and John Iadarola, hosts of The Young Turks, discuss. Tell us what you think in the comment section below.
"Lower business taxes.
During the campaign, Trump pledged to slash taxes on companies.
Right now, the US corporate tax rate is 35%, among the world's highest (many firms pay far less). He wants to reduce that to 15%. Another type of business - known as a pass-through entity because profits "pass through" to the owners and get taxed as personal income - would get that same rate. (Real estate firms - including President Trump's - are often organised this way.)
That corporate rate would be lower than Britain's (about 20%) and Hong Kong's (16.5%), but not as low as Ireland's (12.5%), according to a ranking by the KPMG accounting firm. China's corporate tax rate is 20%, but some firms and industries there face a 15% rate.”*
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Hosts: Cenk Uygur, John IadarolaCast: Cenk Uygur, John Iadarola
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)
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