These two charts show what's wrong with Trump's tax proposal


The tax plan would address both of these concerns, lowering the corporate rate to 20 percent and moving to a territorial system that doesn't tax companies on worldwide profits, which would make the US tax system more competitive with other developed countries. The United States has the highest corporate income tax rate among the 35 industrialized Organisation for Economic Co-operation and Development (OECD) countries, according to the OECD. If Democrats are serious about helping the working and middle classes, they should be supporting tax reform instead of blindly working to undermine Republicans.

Addressing the powerful National Association of Manufacturers (NAM), the president listed out the series of steps that he has taken, including his proposals to reform and reduce corporate tax.

The broad-based US tax cuts proposed by US President Donald Trump this week would mostly benefit the very wealthy while lowering government revenues by $2.4 trillion over 10 years, according to an analysis.

The plan includes a reduction in the corporate tax rate to 20% from 35%, a consolidation in the personal income tax brackets to three from seven, and a sharp increase in the standard deduction. The analysis compares what his tax burden would be under current law with what it would be under the proposal.

"Ultimately, the government of Puerto Rico will have to work with us to determine how this massive rebuilding effort - it will end up being one of the biggest ever - will be funded and organized, and what we will do with the tremendous amount of existing debt already on the island", the president said.

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But the claim that broad cuts in corporate and individual tax rates will not reduce revenue is not borne out by history. But the information released didn't include the income levels applied to the rates, making it hard to know how a typical family's tax bill may be affected.

Overall, TPC's findings thoroughly undermine Trump's promise to "ensure that the benefits are focused on the middle class, the working men and women, not the highest-income earners", as many immediately observed on social media.

"Other countries are moving faster and further in reducing their tax rates and if we stand still, we will be left behind". If you own your own business, you'd only benefit from the cap if you would otherwise be subject to a tax rate higher than 25%. They represent about 95 per cent of all US businesses.

This will be the lowest top marginal income tax rate for small and medium-sized businesses in more than 80 years.

Cutting that to 25 per cent could mean big tax savings for small-business owners, but also be vulnerable to abuse by other individuals and companies, analysts said. They did not target the popular ones for mortgage interest and charitable giving, but called for scrapping the one for state and local tax payments. "That's no tax plan, that's a tax scam".