China Faces Fallout From Trump’s Tax Overhaul
China may have to raise personal income tax and finally introduce a real estate levy to create room to cut corporate taxation amid concern that legislation going through the U.S. Congress could make the country less attractive as an investment destination and potentially lead to capital outflows.
The U.S. Senate on Saturday narrowly passed what would be the largest tax overhaul in America since the 1980s, paving the way for President Donald Trump to sign into law a bill he says could cut the corporate tax rate to 20% from 35%.
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