Hassett says Trump needs reciprocity in taxes, cites Europe's VAT as a tax on US firms

Reuters is speaking about ‘reciprocal’ tariffs on European international locations however a separate interview with White Home financial adviser Kevin Hassett would possibly supply a clearer image of the agenda.

In an interview with Bloomberg, Hassett mentioned Trump was “reciprocity” in how companies are taxed

Hassett
mentioned that in 2023, US companies paid $370 billion overseas in value-added and
revenue taxes, whereas multinational companies working within the US paid simply
$57 billion.

“That’s
not reciprocal. That’s one thing basically completely different,” he mentioned.
“What President Trump needs us to do is to give you a extremely sensible
program that features commerce coverage, tariffs and revisions to the tax
code, and he needs us to make it work so America is on a degree enjoying
subject once more.”

This will get again to what Trump mentioned about VAT taxes in Europe earlier than. Most see these as taxes on shoppers however Trump is saying they’re taxes on US firms.

Hassett additionally touched on the thought of US tariff charges matching those who international international locations placed on the US.

My guess in the intervening time is that that is all a giant risk to get Europe to again off on one thing like a digital providers tax on US tech giants.

This text was written by Adam Button at www.ubaidahsan.com.



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