On Wednesday, the White House unveiled Trump’s tax reform plan. What does it mean for the gold market?
Finally, the new administration has presented the long-awaited tax plan. The key elements are as follows:
- The corporate tax rate cut from 35 percent to 15 percent.
- The number of personal income tax brackets reduced from seven to three, with a top rate of 35 percent and lower rates of 25 percent and 10 percent.
- The standard deduction doubled.
- Most of tax breaks eliminated.
- The introduction of a “one-time tax” on the trillions of dollars held by corporations overseas.