herald

Tuesday 22 January 2019

Obama's tax battle

US President Barack Obama, right, has called on Congress to immediately overhaul the US corporate tax code as he laid out a $3.73 trillion (€2.76 trillion) budget designed to improve America's fiscal position.

The White House said it was vital that the whole system is transformed because it "makes our businesses and our economy less competitive as a whole".

The budget proposal said the US should eliminate special tax breaks and loopholes and use the savings to lower the corporate tax rate from 35pc.

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