Early Breakfast with Abongile Nzelenzele

US tax reforms finally pass, ready for Trump to sign


Abs speaks to the US Reporter Adrian Brune Tax Bill Passed: The most sweeping tax restructuring since 1986 cleared the House and Senate on Wednesday and landed on the desk of President Donald Trump. He is plenty happy to sign it, as it’s the first big Republican accomplishment after a year of tries. Still experts disagree with GOP arguments that the economic “rocket fuel” of corporate tax cuts will offset the plan’s $1 trillion of borrowing — while only 24 percent of Americans polled like the bill. Among other complaints,individual taxpayers will be able to evade taxes by setting up a corporation and having their income accrue in the form of corporate profits. As a result, income that would have been taxed at the high individual rates is instead taxed at the low corporate rate. Moreover, economists argue that corporations will end up sitting on an even bigger stockpile of cash that won’t necessarily be reinvested in their businesses. "Firms invest because they expect strong demand for their products, not simply because they have higher profits. Strong demand will only materialize if consumers are empowered with higher wages and relieved of their debt burden,” more than 200 economists said in an Open Letter to Congress. Trump is expected to sign the plan on 3 January.

First drop-in Clinic in west Africa to wean opioid addiction

First drop-in Clinic in west Africa to wean opioid addiction

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What’s happening in Bokaap?

27 November 2018 5:39 AM

Four arrests over 1993 killing of Burundi leader

Four arrests over 1993 killing of Burundi leader

27 November 2018 5:26 AM

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Building a career without qualifications

27 November 2018 5:04 AM

French commission to urge return of looted African art

French commission to urge return of looted African art

26 November 2018 6:02 AM

Comforting the dying as a death doula

Comforting the dying as a death doula

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MyCiti where are we now?

MyCiti where are we now?

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Insuring recreational assets

Insuring recreational assets

26 November 2018 5:07 AM

Black man killed by cop during Alabama mall shooting had gun permit

Black man killed by cop during Alabama mall shooting had gun permit

26 November 2018 4:41 AM

Feeding Nigeria’s sweet tooth and rebranding Africa

Feeding Nigeria’s sweet tooth and rebranding Africa

23 November 2018 6:02 AM