Trump to Unveil New US Tax Plans

President Donald Trump plans to propose a 10 percent tax on more than $2.6 trillion in earnings that U.S. companies have stockpiled offshore, said a White House official familiar with the president’s tax plans.

Proceeds from the so-called “repatriation tax” would represent a one-time source of sorely needed revenue, which could offset some of the deep tax cuts Trump has proposed for businesses — or could be devoted toward popular, bipartisan initiatives, like infrastructure spending.

Trump’s chief economic adviser, Gary Cohn, and Treasury Secretary Steven Mnuchin met with congressional leaders Tuesday evening to preview the broad tax proposal Trump plans to reveal Wednesday. It will include a call for cutting the top income tax rate on pass-through businesses — a category that includes mom-and-pop grocers, hedge funds and Trump’s own business empire — to 15 percent, down from 39.6 percent, said the official, who asked not to be identified because the discussions are private.

Bloomberg

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Every which way but down

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.