Prez promises major tax relief

WASHINGTON: US President Donald Trump has said the Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages, and “massive tax relief” for American families and domestic companies.

Trump recognised the tax reform as a campaign promise during his run-up to the 2016 presidential election, saying the “giant tax cut” will be his “Christmas gift” to fellow countrymen.

“Now we’re just days away ... from keeping that promise and delivering a truly amazing victory for American families. We want to give you, the American people, a giant tax cut for Christmas,” Trump told a select audience at the White House as he delivered an address to the nation making a final pitch for his massive tax reform.

“As we speak, Congress has reached an agreement on tax legislation that will deliver more jobs, higher wages, and massive tax relief for American families and for American companies,” he said.

Trump cited an example to explain the impact of the tax cut: “The typical family of four earning $75,000 will see an income tax cut of more than $2,000, slashing their tax bill in half.”

It nearly doubles the amount of income taxed at the rate of zero, he said, adding that the proposed tax reforms also closes special interest loopholes; and lowers tax rates for families. It cuts taxes on businesses, which is expected to raise income by an average of more than $4,000, he said.

Trump said the current tax code is “burdensome, complex, and profoundly unfair.”

“It has exported our jobs, closed our factories, and left millions of parents worried that their children might be the first generation to have less opportunity than the last. Our factories have left. So many of them, gone, ” he said.