Belfast Telegraph

Home News World

Donald Trump unveils 'giant, beautiful, massive' tax cut

President Donald Trump said on Friday that the centrepiece of his economic plan is a "giant, beautiful, massive, the biggest ever in our country, tax cut".

Mr Trump said the measure would help US businesses "thrive, compete and grow".

He and congressional Republicans unveiled the broad outlines of the tax plan earlier this week.

"My administration is working every day to lift the burden on companies and workers so you can thrive, compete and grow," Mr Trump said in a speech to the National Association of Manufacturers.

He said the tax cut plan was a core element.

The nearly six trillion US dollar tax-cut plan sketched out this week by Mr Trump and other officials would deeply reduce taxes for corporations, simplify tax brackets and nearly double the standard deduction used by most tax filers.

In the remarks, Mr Trump also highlighted a provision of the plan that would allow businesses for the next five years to write off the full cost of new equipment in the year it is purchased.

Mr Trump said that alone will encourage companies to invest and create jobs.

Earlier the White House gave an update on the president's foreign travel plans including a politically sensitive trip to Asia.

South Korea and Japan are among the destinations for Mr Trump when he makes a five-nation trip to the Asia Pacific region in November.

The visit comes amid heightened tension in the region over North Korea's nuclear and missile programmes.

Mr Trump will travel to Japan, South Korea, China, Vietnam and the Philippines from November 3 to November 14.

The trip also includes a stop in Hawaii.

Mr Trump's visit will "strengthen the international resolve to confront the North Korean threat" and ensure the denuclearisation of the Korean Peninsula, the White House said.

He will attend the Asia-Pacific Economic Cooperation summit and the Association of Southeast Asian Nations summit.


Daily News Headlines Newsletter

Today's news headlines, directly to your inbox.


From Belfast Telegraph