The US Tax reform
Discussions at this national roundtable opened with the observation that the tax reforms signed into law by the Trump administration have an air of momentousness about them and have a significant impact on corporate taxation, with the company tax rate reduced from 35% to 21%. The impact on personal income tax is, however, decidedly more modest, with the tax rate cut by merely 2.6 percentage points, dropping from 39.6% to 37%. In addition, the former measure is, at least in theory, permanent, while the latter – for reasons tied to US parliamentary rules – will end in 2025.