Trump announces 'giant, beautiful, massive' tax cut

Trump announces 'giant, beautiful, massive' tax cut

President Donald Trump has today said that the centrepiece of his economic plan is a "giant, beautiful, massive, the biggest ever in our country, tax cut".

Mr Trump said the measure would help US businesses "thrive, compete and grow".

He and congressional Republicans unveiled the broad outlines of the tax plan earlier this week.

"My administration is working every day to lift the burden on companies and workers so you can thrive, compete and grow," Mr Trump said in a speech to the National Association of Manufacturers.

He said the tax cut plan was a core element.

The nearly six trillion US dollar tax-cut plan sketched out this week by Mr Trump and other officials would deeply reduce taxes for corporations, simplify tax brackets and nearly double the standard deduction used by most tax filers.

In the remarks, Mr Trump also highlighted a provision of the plan that would allow businesses for the next five years to write off the full cost of new equipment in the year it is purchased.

Mr Trump said that alone will encourage companies to invest and create jobs.

Earlier the White House gave an update on the president's foreign travel plans including a politically sensitive trip to Asia.

South Korea and Japan are among the destinations for Mr Trump when he makes a five-nation trip to the Asia Pacific region in November.

The visit comes amid heightened tension in the region over North Korea's nuclear and missile programmes.

Mr Trump will travel to Japan, South Korea, China, Vietnam and the Philippines from November 3 to November 14.

The trip also includes a stop in Hawaii.

Mr Trump's visit will "strengthen the international resolve to confront the North Korean threat" and ensure the denuclearisation of the Korean Peninsula, the White House said.

He will attend the Asia-Pacific Economic Cooperation summit and the Association of Southeast Asian Nations summit.

More in this Section

Prince Andrew and Jeffrey Epstein ‘met in early 1990s not 1999’Prince Andrew and Jeffrey Epstein ‘met in early 1990s not 1999’

Two million apply to register to vote since British General Election announcedTwo million apply to register to vote since British General Election announced

Israel set for third election after kingmaker refuses to back any candidateIsrael set for third election after kingmaker refuses to back any candidate

BT calls for Prince Andrew to be dropped as patron of digital skills award schemeBT calls for Prince Andrew to be dropped as patron of digital skills award scheme


Lifestyle

Well first and foremost, it depends what type of cold you have, as Prudence Wade discovers.Should you exercise when you’ve got a cold?

Make like a Masterchef contestant with this sophisticated dessert.How to make Marcus Wareing’s milk chocolate, raspberry and thyme tart

Waste not, want not – this one’s all about using things up.How to make Marcus Wareing’s panzanella

With fresh produce in abundance, this Balkan state is becoming a top destination for foodies. Jonjo Maudsley gets stuck in.Get beyond Belgrade to taste the authentic side of Serbia

More From The Irish Examiner