“Biggest tax cut in history”

Amid the Independence Day celebrations this July 4th, US President Donald Trump spoke to the public this afternoon and celebrated the approval of the “great and beautiful bill”, which provides for the Cut of trillions of dollars in taxes for Americans.

“This is the largest bill of this category in our history,” Trump said in a statement in the White House. “Our idea was to divide the propositions by parts, but we decided to gather everything into a great and beautiful bill that will carry out the largest cut of taxes and expenses in American history, about $ 1.7 trillion, which will benefit military, civilians and job creation in all sectors. And, besides all, we can increasingly the protection of our borders and our army,” said the president in Washington.

The measures that the new government has been taking, since its inauguration in January, has “regained the pride of the American people.” “A year ago, no one wanted to enlist in our army, no one wanted to be part of our police, and now this is all changing, with record numbers on enlisions,” Trump said.

With the new project, says the president, the US government intends, “besides being the largest country in the world,” have the “largest border in the world”, in which “no illegal immigrant can overtake.”

Trump tax cut for citizens and companies

The legislation, which received a green light in the Senate and should return for analysis in the House before Trump’s final signature, provides about $ 4.5 trillion in tax cut, including:

• New tax incentives such as tips tax exemption and overtime payment;
• Possibility to deduce interest on some vehicle financing;
• Deduction of US $ 6,000 for elderly women who earn up to $ 75,000 per year;
• Immediate deduction of 100% of equipment and research costs for American companies.

Impact

According to an analysis of a congressional Budget Office (CBO) congressional organization, average income taxpayers would have a tax reduction of $ 500 to $ 1,500while Americans with higher income would increase $ 12,000 with the fiscal plan.