Donald Trump Current Affairs - 2020

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US tax reform: Trump introduces biggest tax reform plan in US history

US President Donald Trump has introduced biggest tax reform plan in the history of United States. As per the proposals of the new plan, major cuts have been made in the income tax rate. the income tax rates have been slashed from 39.6% to 35%. The new plan has also sharply slashed the business taxes. Steep discounts have been announced on corporate profits that are brought back into the US.

The new plan proposes for a 15% corporate tax rate which is a sharp drop from the existing 35%. In addition, the new reforms aim to move to a territorial tax system that provides relief to both small and large businesses. It is also proposed to repeal the estate tax, the alternative minimum tax. In addition, tax relief will be provided to the families with child and dependent care expenses. Further, the number of tax brackets is expected to be brought down to three from seven.

However, under the US law, only the Congress is empowered to make major changes to the tax laws.

Impact

These reforms are hailed as the biggest tax cut and largest tax reform in the history of the United States. According to the economists, the new tax reforms are likely to add trillions of dollars to the deficit over the next decade.  As far as India is concerned, the reforms are expected to further push up stock markets which have already responded positively.

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PM Narendra Modi ranks 9th among world’s most powerful people list of Forbes

Prime Minister Narendra Modi was placed at 9th position among 74 of the world’s most powerful people list released by the Forbes Magazine.

The list gives the annual ranking of the World’s Most Powerful People on the basis of their financial resources, scope and use of power and the number of people they impact.

Key Facts
  • 2016 edition of the list was topped by Russian President Vladimir Putin. This is for fourth consecutive year Putin has topped the list.
  • The first billionaire President of the United States was ranked second in the list. In the 2015 edition of the list he was placed 72. Outgoing US President Barack Obama dropped from 2 to 48.
  • German Chancellor and backbone of the European Union Angela Merkel was ranked 3rd. She continues her reign as the most powerful woman on the planet for consecutive 11 years.
  • New names in list: Theresa May (#13), Travis Kalanick (#64), Bob Iger (#67), Mike Pence (#69); Rodrigo Duterte (#70), Sheldon Adelson (#72), Antonio Guterres (#36) and Recep Erdogan (#56).
  • Other Indian’s in the list: Reliance Industries Chairman Mukesh Ambani (#38), Microsoft CEO Satya Nadella (#51).
10 most powerful people in the world
Rank Name Designation
1 Vladimir Putin President of Russia
2 Donald Trump President of US
3 Angela Merkel Chancellor of Germany
4 Xi Jinping President of China
5 Pope Francis Pope of Roman Catholic Church, Vatican City
6 Janet Yellen Chairperson of US Federal Reserve
7 Bill Gates Chairman of Bill & Melinda Foundation
8 Larry Page Founder of Google
9 Narendra Modi Prime Minister of  India
10 Mark Zuckerberg Cofounder of Facebook
Indian’s in the list
38 Mukesh Ambani Chairman of Reliance Industries
51 Satya Nadella Microsoft CEO

About Forbes list of World’s Most Powerful People

The list of World’s Most Powerful People started in 2009 by Forbes magazine. Since then annually published. The list has one slot for person or leader for every 100 million people on Earth. These slots are allocated based on the amount of human and financial resources as well as their influence on world events. It that in 2011 there were 70, and in 2012 there were 71 slots. Similarly in 2016 it has 74 slots.

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