US tax bill targets multinationals

US House of Representatives Republicans unveiled long-delayed legislation to deliver deep tax cuts that President Donald Trump has vowed, and potentially targeting US multinationals with overseas bases in Ireland.

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% from 35%, cutting tax rates on individuals and families and ending certain tax breaks for companies and individuals.

The bill also claims that it will “modernise” taxes for America’s global businesses, making “it easier and far less costly for American businesses to bring home foreign earnings” and to prevent “American jobs, headquarters, and research from moving overseas by eliminating incentives that now reward companies for shifting jobs, profits, and manufacturing plants abroad”.