Fri
28
Apr 2017
Fri, 28 Apr 2017

Donald Trump’s ‘massive’ tax plan to ‘benefit’ Australia, says Mike Pence

Article by The Australian Financial Review
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During US Vice President Mike Pence’s visit to Australia last weekend, he met with chief executives of Westfield, Macquarie Group, Lendlease and Austal. After the meeting Pence said, “Rest assured, our tax reform will make the strongest economy in the world stronger still, and it will benefit the American people, American workers, and it will benefit the economy of Australia.”

Mike Pence, centre, attends a business listening session with Australian and US companies. AP

Mike Pence, centre, attends a business listening session with Australian and US companies. AP

CEO of the American Chamber of Commerce in Australia, Niels Marquardt, said the lower American tax rate would benefit companies like Macquarie, Westfield, and Lendlease which have a large presence in the US. The Trump administration revealed its tax principles on Thursday, including proposed tax cuts for American businesses and individuals in an effort to boost US international competitiveness and growth. However, there was no mention of the mooted controversial border-adjustment tax. Instead, Pence stressed the US commitment to bilateral trade as is detailed in the US-Australia Free Trade Agreement. Pence says, “The bottom line is that our economies are inextricably intertwined in a win-win relationship that’s creating jobs and opportunity for both our nations.” Mike Pence’s visit was an important symbol of strength and alliance between the US and Australia, according to Macquarie Group chief executive Nicholas Moore. “Macquarie Group appreciated the opportunity to join with other Australian companies to discuss our enthusiasm for the US as a destination for investment and business, including infrastructure investment.”

Another topic of the vice president’s visit was reducing company tax. Turnbull commented, “We too recognise that reducing business taxes is vital to deliver stronger economic growth. Businesses that can retain more of their profits for investment will grow, they’ll hire more employees… we applaud the commitment of President Trump to that.”

 

To read the full article written by Joanna Mather and Matthew Cranston and published by The Australian Financial Review, visit: http://www.afr.com/news/donald-trumps-massive-tax-plan-to-benefit-australia-says-mike-pence-20170423-gvqjcz

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