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AZUZ: The Trump1 administration has made a new proposal concerning taxes in America. The U.S. treasury2 secretary calls it the biggest tax cut and largest tax reform in U.S. history.
But analysts3 say there weren't enough details in the proposal to know for sure. What is clear is that it would change U.S. tax brackets. Generally, the more money Americans earned, the higher their tax rate, the more they pay in taxes. There are currently seven different income tax brackets, ranging from 10 percent to 39.6 percent. The Trump administration's proposal would reduce the number of brackets to three, ranging from 12 percent to 33 percent and decreasing the taxes that most Americans pay.
But as far as what businesses pay, from mom and pop shops to law firms, today's top tax rate is 39.6 percent. The White House plan would drastically reduce that to 15 percent. It could also reduce taxes owed by companies that do business overseas.
The government gets most of its revenue from taxes. Reducing them would mean less revenue. The plan doesn't say how the difference would be made up. And Democrats4 criticize the proposal, calling it a gift to corporations and wealthy Americans. Analysts call the plan a starting point that the Republican-controlled Congress could use as it develops its tax reform plan.
1 trump | |
n.王牌,法宝;v.打出王牌,吹喇叭 | |
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2 treasury | |
n.宝库;国库,金库;文库 | |
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3 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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4 democrats | |
n.民主主义者,民主人士( democrat的名词复数 ) | |
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