Speaking of American taxes, it may be the biggest headache for many Americans, especially the new immigrants in the United States. However, this long-standing problem may be solved soon. Recently, US President-elect Trump put the US tax reform and economic reform plan on the agenda earlier after nominating the Minister of Finance and the Minister of Commerce. The United States Congress and party member also started to act, and put forward the direction and basic framework of future tax reform.

Last Thursday (65438+February 1), the American Heritage Foundation held a seminar on the US tax reform program. Brady, Chairman of the Ways and Means Committee of the U.S. House of Representatives, put forward his ideas, directions and specific practices for the reform of the U.S. tax system. House Ways and Means Committee is one of the 20 special committees of the U.S. Congress, which is responsible for taxation, trade and other affairs, and is considered as one of the most powerful committees in the House of Representatives.

Brady pointed out that the previous tax law in the United States dragged down the economic life of Americans, and the future tax law will focus on enhancing people's economic ability, while the new tax law will be based on wealth growth and will hopefully abolish the inheritance tax of Americans forever.

The new tax law has three main objectives:

First, increase the wages and employment of Americans and promote economic development;

Second, enhance the international competitiveness of the United States, reverse the backward situation and reshape the leading position;

Third, make the United States the most attractive place for investment, employment and corporate headquarters in the world.

The tax reform plan proposed by the House Ways and Means Committee will mainly start from three aspects:

1, substantially reducing taxes for enterprises and improving the competitiveness of American enterprises.

A, set the lowest tax rate in modern history for enterprises.

For the first time in history, the new tax law will reduce taxes for "all" American enterprises, regardless of their size, thus benefiting all enterprises and gaining development opportunities. At the same time, it can also promote the relocation of American enterprises, R&D and production departments.

B. Permanent abolition of inheritance tax

Inheritance tax is the main obstacle that prevents Americans and enterprises from leaving their assets to their children, which brings great damage to the American economy. The new tax law is expected to abolish inheritance tax forever.

Brady predicted that after the implementation of the tax reform for individuals and enterprises, the American economy is expected to grow by 9%, the after-tax income of Americans is expected to increase by 8%, millions of new jobs will be created in the United States, and the competitiveness of American enterprises will be greatly improved.

2. The simplified tax law is fair and reasonable.

All the tax returns for a postcard are settled.

The current tax laws in the United States are extremely complicated, and few people can fully understand them. In this regard, the new tax law will be extremely streamlined in line with the principle of fairness and reasonableness, so that 95% of Americans can file their own taxes through postcards without resorting to others or tax filing companies.

B, the types of tax rates will be reduced to three.

The new tax law reduces the types of tax rates from the current seven to three, with the purpose of encouraging employment, improving work efficiency, increasing family income and helping Americans realize their ideals. In addition to increasing the tax exemption, the tax rates on deposits, investment and work income will be halved, thus promoting economic and commercial development.

C. increasing the tax allowance for charitable donations

The third way to simplify the tax rate is to increase the tax allowance for charitable donations, thus encouraging people to donate, care for and repay society. At the same time, increase the tax allowance for families with children, so that these families can afford to pay their children's college expenses.

3. Rebuild IRS and provide efficiency-oriented services.

At present, the State Taxation Bureau (IRS) has a huge organization and huge expenditure, which is a drag on the economy. The new tax law will redesign the structure of the IRS, make it more streamlined and efficient, answer the questions of enterprises and individuals about tax law and tax declaration more quickly and accurately, and improve the service level of the IRS to enterprises and individuals.

In addition, the IRS will establish a team that can handle tax disputes quickly. Simplify people's appeal procedures and fees for tax disputes, so that the IRS can handle tax dispute cases faster. Tax law reform is not an easy task. The U.S. Congress has begun to work hard to promote this work, which may give Americans a good prospect in tax reduction.

It is widely believed that Trump's series of drastic improvements to the domestic tax environment are indeed beneficial to the persistent problems in the domestic economic environment of the United States, especially employment and national per capita income. However, the large-scale flow of dollars in the international market will bring considerable monetary and financial pressure to many small and medium-sized countries.

Reasonable currency allocation and making good use of tax reduction to invest in dollar assets are one of the ways to deal with the current strong dollar situation.