Proposed tax plan means more taxes for New Yorkers

Proposed tax plan means more taxes for New Yorkers

Proposed tax plan means more taxes for New Yorkers

The tax reform plan would also, for a five-year period, permit businesses to immediately write off the cost of new equipment they purchase, rather than writing off costs over the life of the equipment. The plan would deeply reduce taxes for corporations, and simplify tax brackets and almost double the standard deduction used by most tax filers.

At the NAM event, Trump will talk about how the tax plan will help make American businesses more competitive, according to a senior administration official.

"President Trump has been a tireless advocate for manufacturers and we are honored to have him address industry leaders on the critical need for bold tax reform", NAM President and CEO Jay Timmons said in a statement.

Trump's address will be the president's latest effort to promote the nine-page tax plan that the White House and congressional Republicans unveiled on Wednesday.

"For the majority of American manufactures that file taxes as sole-proprietors, S corporations or partnerships, we will cap your top tax rate a maximum of 25 percent".

President Trump called for a "giant, beautiful, massive" tax cut that he said would be "the biggest ever in our country" during a National Association of Manufacturers' board meeting in Washington on Friday.

His remarks come a day after latest official figures revealed that the USA economy grew at a rate of 3.1 per cent in the second quarter. "That means more production, more investment and more jobs", Trump said.

NAM's president Timmons said Friday that manufacturers "have never been as optimistic" as they are now. "Compare that to last year's three quarter average of just under 60 percent", Timmons added. "Made in the U.S. is a symbol of unrivaled excellence", the president said Friday.

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