US businesses will be waiting to see whether newly-elected president Donald Trump goes ahead with the significant changes to the individual and corporate tax codes he outlined when on the campaign trail in the months leading up to the November election, which Include slashing the business tax rate to encourage US companies to move profits back onshore. The so-called Trump plan pledged to lower the business tax rate from 35% to 15%, and eliminate the corporate alternative minimum tax. During the campaign, he said this rate would be available to all businesses, both small and large, that want to retain the profits within the business.
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