Republicans have set out plans to overhaul the US tax system radically, seeking to win over businesses and middle-class Americans as they attempt to secure a first major legislative victory for Donald Trump’s turbulent presidency.
But despite cutting the top corporate tax rate from 35 per cent to 20 per cent, the proposal provoked a backlash from business, with the US Chamber of Commerce saying “a lot of work remains to be done”.
The small business lobby said it was not receiving enough help, estate agents said home values were threatened, and big borrowers complained of being penalised. Multinationals also face higher-than-expected tax on offshore earnings.
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