08:17 GMT29 May 2020
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    US President Donald Trump expects that the proposed tax reform will bring the money that "stuck overseas" back into the country's economy and will primarily benefit the middle class.

    MOSCOW (Sputnik) — On Wednesday, Trump announced that the Republicans in the US Senate and House of Representatives had reached a deal on the 2018 tax proposal and were very close to getting a final agreement. He added that the measure would give Americans the biggest tax cut, simplify the US tax code and create jobs.

    "$4 trillion will come flowing back into the country … This is money that has been stuck there [overseas] for years, and it's going to come pouring back… It’ll be fantastic for the middle-income people and for jobs, most of all," Trump told reporters in an address broadcast by the Fox news channel.

    Trump noted that as a result of the reform the economic growth might soar up to 6 percent and stressed that "nobody thought it would be anywhere close" to the current level of 3 percent.

    According to the White House press service, Trump will hold meetings with the cabinet ministers at his residence in Camp David at weekend to discuss the vote on the proposed tax bill. Trump is slated to meet Vice President Mike Pence, Treasury Secretary Steve Mnuchin and some others.

    A study by the nonpartisan Tax Policy Center of the Senate bill found that 62 percent of the benefits from the tax cuts would be accrued by income earners in the top 1 percent, while 0.1 percent of income earners would suck up 42.3 percent of the benefits from the tax overhaul.

    UN Special Rapporteur on Extreme Poverty and Human Rights Philip Alston charged in a report following his recent visit to the United States that the pending Republican proposal to revamp the US tax code appears to reflect an effort to boost income inequality.

    "The proposed tax reform package stakes out America's bid to become the most unequal society in the world, and will greatly increase the already high levels of wealth and income inequality between the richest 1 percent and the poorest 50 percent of Americans," the report stated.


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