Donald Trump promised the biggest “tax revolution” since Ronald Reagan yesterday, pledging to cut taxes across the board and sharply reduce the load on business to stem the tide of US companies moving headquarters overseas.
In the most detailed account of his economic plans should he become president, the Republican nominee promised no US business would pay more than 15 per cent of its profits in tax, down from the current maximum of 35 per cent. He also pledged to levy a one-off 10 per cent tax on trillions of dollars in corporate profits now parked overseas in a bid to lure them home.
The cuts, he made clear, ware aimed at overseas tax competition from countries such as Ireland and the UK. The 15 per cent proposal echoed George Osborne, the former UK finance minister after Britain’s June vote to leave the EU.