‘Ready with plan to cut corporate taxes’

Donald Trump has said he was ready to repeal and replace Obamacare, his predecessor Barack Obama’s signature health care reform law.

In a wide-ranging interview with The Washington Post, the US president-elect also said work was nearly complete on his plan to cut taxes all around, with corporate tax down as close as possible to 15%, a move Indian companies with US operations will be keenly watching.

The Affordable Care Act has been in the crosshairs of Republicans mostly on ideological grounds and Trump had promised to make its repeal among his first tasks in office. “We’re going to have insurance for everybody,” Trump said in the interview, recorded on Saturday.

Trump promised insurance for all, but did not give details. Grounds for the law’s repeal has already been prepared with both chambers of US congress, which are in the control of Republicans, voting it down in recent days.

Trump spoke also about forcing pharmaceutical companies to cut prices as part of making health affordable, a move that could test the powerful drugs lobby that has been attacking India over IPR issues for years.

On his tax plan, Trump said, “It’ll probably be 15 to 20% for corporations. For individuals, probably lower. Great middle-class tax cuts.” He added the corporation tax could be “as close to 15% as we can”.

To American companies still planning to sell US products manufactured abroad, Trump reiterated his threat to impose a forbidding 35% duty.