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Trump proposes sharp tax cuts for individuals, companies

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Washington, Sep 28 (IANS) US President Donald Trump on Wednesday presented his tax reform plan, an ambitious proposal that includes lowering the corporate tax rate from 35 per cent to 20 percent.

The reform plan also eliminates the estate tax and reduces the number of tax brackets for individuals from seven to three: 12 per cent, 25 per cent and 35 per cent.

The plan, entitled the “Unified Framework For Fixing Our Broken Tax Code,” was announced jointly by the White House and Republican lawmakers heading the House and Senate Ways and Means Committees and is the working document whereby the administration is seeking to craft the biggest US tax reform since 1980.

Trump’s proposal reduces the corporate tax rate from 35 per cent to 20 per cent, a little higher than the 15 per cent that the president had initially promised, Efe reported.

“Too many in our country are shut out of the dynamism of the US economy, which has led to the justifiable feeling that the system is rigged against hardworking Americans,” the nine-page plan states.

“With significant and meaningful tax reform and relief, we will create a fairer system that levels the playing field and extends economic opportunities to American workers, small businesses, and middle-income families,” it adds.

The three new individual tax brackets would shave the taxes that people in the current highest bracket — 39.6 per cent — pay and slightly raise the minimum percentage income tax to 10 per cent.

As had been previously announced, Trump is proposing to raise tax deduction amounts for families with children and create a new deduction for dependent adults such as the elderly or ill.

The president’s plan also eliminates the estate tax on inherited assets, known as the “death tax,” something that the White House had already announced, and it raises the standard deduction for individuals from $6,350 to $12,000 and for couples from $12,700 to $24,000.

It also eliminates most itemised deductions with the only deductions specifically preserved in the plan being those for charitable gifts and home mortgage interest.

It remains to be clarified how the tax cuts will be compensated for to balance the public accounts and avoid raising the deficit.

The president is traveling to Indianapolis on Wednesday to discuss the tax plan.

The tax reform proposal is Trump’s big legislative play for the remainder of the year after the apparent failure to repeal and replace ObamaCare, which the Republicans have been unable to move forward on despite holding majorities in both the House and Senate.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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