America’s Brexit: What a Donald Trump Presidency means for the tax world...
If the Brexit vote was a geo-political earthquake, it might not be an overstatement to term Mr. Donald Trump’s giant upset in the US Presidential elections as a volcano. The largely unforeseen victory of Mr. Donald Trump, a politic novice, rattled the pundits and pollsters alike. While one can look for many similarities between the American elections and the Brexit vote, this Washington post headline captured it perfectly- “The revolt of the working class”.
The stock market volatility world over, in the last 48 hours demonstrates how even economic policy experts are having a tough time second guessing what a Trump administration’s ‘America First' might mean for globalization, free trade agreements and international relations.
The Tax world too is sailing in the same ship as President elect Trump has promised ambitious tax reforms and an overhaul of the current US tax code. So what should the international tax fraternity brace themselves for from a Trump Presidency?