Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Trump says GOP tax reform plan will create 'once in a generation opportunity'

Published 09/27/2017, 04:15 PM
Updated 09/27/2017, 04:15 PM
© Reuters.

© Reuters.

Investing.com - President Donald Trump on Wednesday hailed a tax reform plan released by his administration as a "once-in-a-generation opportunity" promising that it would deliver American businesses some of the lowest tax rates in "more than 80 years"

"This is a once-in-a-generation opportunity, and I guess it's probably something I could say that I'm very good at," Trump said during remarks in Indiana. "I've been waiting for this for a long time. We're going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans. And we are going to bring back the jobs and wealth that have left our country and most people thought left our country for good."

Trump's comments come after the U.S. Congress and the White House earlier on Wednesday unveiled plans to change America’s tax code in a proposal that slashes taxes on businesses the wealthy, lowering the corporate tax rate from 35% to 20%.

Investors, however, mulled over the lack of details on how the proposed tax reforms will be funded, fuelling fears that key elements missing from the plan could invite pressure from support industry groups and lobbyists.

Markets had a fairly muted reaction to Trump's speech, with the dollar and gold roughly unchanged.

The dollar rose 0.46% to trade at 93.24 while gold Futures traded at $1,286.19, down 1.19%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.