More Donald Trump Tax Proposal Details Have Been Released
30 April 2017, 12:06 | Andres Norman
'The American public has lots of information on the president's financials'. But no details have been released on that aspect of the proposal. Still, there are reasons to be wary about some of the claims coming out of the White House about it. I've never thought of myself as a deficit hawk, but this kind of profligacy is ridiculous.
As presented, the plan allocates much of the tax relief to the wealthy, which means it will be hard to get votes from Democrats. Meanwhile, he has pledged not to touch entitlements such as Social Security and Medicare.
Trump's plan promises to greatly simplify the tax code - and much more. I agree with the economists who find this scenario unlikely.
Mnuchin and Gary Cohn, chief economic advisor to Trump and director of the National Economic Council, said the financial hit property owners would take would be offset by economic growth and an overall tax cut.
That group projects the plan would cost about $5.5 trillion over a decade, or roughly 2.3% of GDP over that period.
"If you get a tax cut across the board, which we support, that helps everyone", he said.
"We are trying to drive the economy, we are trying to drive growth, we are trying to drive more income back into American consumers' pockets". According to recently leaked Trump documents from 2005 cited by Pelosi, Trump paid $36.5 million in federal taxes that year because of the AMT. Under the president's plan, they would pay a lower rate of 15 percent. "You know, I think people are spending too much time wasting, wasting time on that issue".
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On Wednesday, the president released an outline of a plan created to reduce taxes across the board and make filing your taxes easier.
It's also unclear at what income levels the new proposed tax rates would kick in. Instead of the current seven tax brackets, there would be only three - 10 percent, 25 percent and 35 percent.
On Wednesday, President Donald Trump released a summary of the tax reform bill he hopes to introduce, with his administration calling it "the biggest tax cut and the largest tax reform in the history of our country".
The plan would also allow many wealthy individuals who own businesses to pay income tax not at the 35 percent individual rate but at the new 15 percent corporate rate.
But so far, it seems like some Democrats aren't thrilled with Trump's proposals. To incentivize the use of the standard tax deduction instead of itemized deductions, the proposal would eliminate most other deductions, except for certain things like charitable giving or mortgage interest.
So if you're scoring at home, a family of five that now claims the standard deduction will actuallylose deductions under the Trump plan.
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