jimnyc
09-19-2016, 04:05 PM
Analysis: Trump's Plan Would Cut Taxes By $4.4 Trillion to $5.9 Trillion
Donald Trump's tax reform plan would lead to a tax cut of either $4.4 trillion or $5.9 trillion, according to an analysis by the nonprofit think tank Tax Foundation, reports the Washington Examiner.
The Trump campaign has not made clear whether a small business tax cut is included, but without that cut, the amount would be $4.4 trillion, according to the Examiner.
The Tax Foundation's analysis found that that the Republican presidential candidate's plan would "significantly" reduce income taxes and corporate taxes, and eliminate the estate tax.
Taxpayers in the top 1 percent would gain at least 10.2 percent in their after-tax income and that number could also be as high as 16 percent, the analysis said.
All taxpayers would get at least 0.8 percent more in after-tax income, according to the analysis.
Other changes include uniting the current seven tax brackets into three, adapting current rates for capital gains and dividends into those three brackets, and eliminating the filing status "head of household."
Trump's plan would raise the standard deduction for singles and for married couples filing jointly, and eliminate the personal exemption. It would introduce childcare-related tax provisions, such as making child care costs deductible from adjusted gross income.
Trump's plan would reduce the corporate income tax rate from 35 percent to 15 percent and would eliminate the corporate alternative minimum tax.
The economy would grow by 6.9 percent, and wages in the larger economy would grow 5.4 percent. The plan would also result in 1.8 million more full-time equivalent jobs, according to the Tax Foundation's analysis.
"After accounting for the larger economy and the broader tax base," the plan would cut revenues between $2.6 trillion and $3.9 trillion. In all cases, it would increase after-tax incomes for all income groups, but reduce revenue to the Treasury, the analysis said.
"The Trump tax plan as outlined in September 2016 is a large tax cut, mostly on individual and corporate income," the analysis said.
The Wall Street Journal's analysis of Trump's plan said that it costs less and benefits the wealthy.
Columnist Larry Kudlow said the plan is a growth model followed by former Presidents John F. Kennedy and Ronald Reagan.
http://www.newsmax.com/Headline/Analysis-Trump-Tax-Plan-Cut/2016/09/19/id/748996/
Donald Trump's tax reform plan would lead to a tax cut of either $4.4 trillion or $5.9 trillion, according to an analysis by the nonprofit think tank Tax Foundation, reports the Washington Examiner.
The Trump campaign has not made clear whether a small business tax cut is included, but without that cut, the amount would be $4.4 trillion, according to the Examiner.
The Tax Foundation's analysis found that that the Republican presidential candidate's plan would "significantly" reduce income taxes and corporate taxes, and eliminate the estate tax.
Taxpayers in the top 1 percent would gain at least 10.2 percent in their after-tax income and that number could also be as high as 16 percent, the analysis said.
All taxpayers would get at least 0.8 percent more in after-tax income, according to the analysis.
Other changes include uniting the current seven tax brackets into three, adapting current rates for capital gains and dividends into those three brackets, and eliminating the filing status "head of household."
Trump's plan would raise the standard deduction for singles and for married couples filing jointly, and eliminate the personal exemption. It would introduce childcare-related tax provisions, such as making child care costs deductible from adjusted gross income.
Trump's plan would reduce the corporate income tax rate from 35 percent to 15 percent and would eliminate the corporate alternative minimum tax.
The economy would grow by 6.9 percent, and wages in the larger economy would grow 5.4 percent. The plan would also result in 1.8 million more full-time equivalent jobs, according to the Tax Foundation's analysis.
"After accounting for the larger economy and the broader tax base," the plan would cut revenues between $2.6 trillion and $3.9 trillion. In all cases, it would increase after-tax incomes for all income groups, but reduce revenue to the Treasury, the analysis said.
"The Trump tax plan as outlined in September 2016 is a large tax cut, mostly on individual and corporate income," the analysis said.
The Wall Street Journal's analysis of Trump's plan said that it costs less and benefits the wealthy.
Columnist Larry Kudlow said the plan is a growth model followed by former Presidents John F. Kennedy and Ronald Reagan.
http://www.newsmax.com/Headline/Analysis-Trump-Tax-Plan-Cut/2016/09/19/id/748996/