WASHINGTON, U.S. - President-elect Donald Trump’s first priority is to lower corporation tax in the U.S., in an attempt to keep companies home and bring back jobs in the U.S. Donald ...
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WASHINGTON, U.S. - President-elect Donald Trump’s first priority is to lower corporation tax in the U.S., in an attempt to keep companies home and bring back jobs in the U.S.
Donald Trump’s senior economic advisor, Stephen Moore has stressed that the new administration aims to reduce the tax rate from 35 percent to between 15 percent and 20 percent.
This would also provide an opportunity for the U.S. to lure multinational companies away from countries like Ireland and welcome them back to the States.
Moore was quoted as saying on BBC radio, "I believe that when we cut these tax rates, we're going to cut our business tax rate from roughly 35 percent down to roughly 15 percent to 20 percent - if you do that you are going to see a flood of companies leaving Ireland and Canada and Germany and France and they are going to come back to the United States."
However, it is also reported that Ireland still holds an advantage over the U.S. as it holds a lower tax rate regime.
“Ireland will still be lower than the United States so you will still have a competitive advantage over the United States but the advantage will be much lower than it is currently,” Moore said.
Officials confirm that the tax reduction plan will be executed in the first 100-150 days of Donald Trump’s administration.