US presidential candidate Donald Trump’s revamped tax plan, unveiled today, reiterates his earlier call for a deemed repatriation of all corporate profits held offshore at a one-time tax rate of 10 percent.
“We will bring back trillions in business wealth, and this is wealth that is parked overseas,” Trump said during at speech at the Economic Club of New York.
Trump’s proposal for a deemed repatriation mirrors the proposal in his original tax plan, unveiled almost one year ago.
In his earlier plan, Trump also pledged to end deferral, which would be a significant break from US tax policy. Trump made no mention of any plan to end deferral in today’s announcements, though.
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