Trump tax bill sets the US on collision course with Europe

MICHAEL REYNOLDS

US Treasury Secretary Steven Mnuchin takes a question from a member of the news media in Washington, DC, USA, 29 June 2017.

Trump tax bill sets the US on collision course with Europe


The US House of Representatives approved the biggest tax overhaul in a generation on Tuesday. The bill must now be approved by the Senate. 

The new tax bill is the first legislative victory for the Trump administration but threatens to trigger a negative spiral of competition between developed economies, including Europe.
The sweeping tax code reform reduces the corporate tax rate from 35% to 21% and abolishes a tax on international profits. These measures are projected to reduce tax revenue...


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