jimnyc
04-26-2017, 01:09 PM
Trump Team Unveils Landmark Tax Plan
President Donald Trump is proposing dramatically reducing the taxes paid by corporations big and small in an overhaul his administration says will spur economic growth and bring jobs and prosperity to the middle class.
The White House on Wednesday released broad outlines of a tax plan that would cut the top rate for small businesses from 39.6 percent to 15 percent, according to an official with knowledge of the plan. A top rate cut for individuals would be more modest, from 39.6 percent to the "mid-30s," said the official, who was not authorized to publicly discuss the proposal before the announcement and spoke on condition of anonymity.
White House officials already have said the top corporate tax rate would be reduced from 35 percent to 15 percent. The plan will also include child-care benefits, a cause promoted by Trump's daughter Ivanka.
In a Wednesday morning speech, Treasury Secretary Steve Mnuchin said the overhaul would amount to "the biggest tax cut" and the "largest tax reform" in U.S. history. The claim suggests the cuts would cut more than $600 billion a year in revenue — or roughly 4 percent of the economy, exceeding the size of President Ronald Reagan's 1981 tax package.
The White House proposal does not include budget cuts or tax increases that would offset the tax cuts and keep the proposal from increasing the nation's deficit. It also does not include the so-called border adjustment tax preferred by House leaders. Both omissions left significant doubt over whether the outline would be embraced by Trump's own party.
The president sent his team to Capitol Hill on Tuesday evening to discuss his plan with Republican leaders.
"They went into some suggestions that are mere suggestions and we'll go from there," said GOP Sen. Orrin Hatch of Utah, chairman of the Senate Finance Committee.
The White House's presentation will be "pretty broad in the principles," said Marc Short, Trump's director of legislative affairs.
In the coming weeks, Trump will solicit more ideas on how to improve it, Short said. The specifics should start to come this summer.
http://www.newsmax.com/Headline/US-Trump-Tax-Plan/2017/04/26/id/786573/
President Donald Trump is proposing dramatically reducing the taxes paid by corporations big and small in an overhaul his administration says will spur economic growth and bring jobs and prosperity to the middle class.
The White House on Wednesday released broad outlines of a tax plan that would cut the top rate for small businesses from 39.6 percent to 15 percent, according to an official with knowledge of the plan. A top rate cut for individuals would be more modest, from 39.6 percent to the "mid-30s," said the official, who was not authorized to publicly discuss the proposal before the announcement and spoke on condition of anonymity.
White House officials already have said the top corporate tax rate would be reduced from 35 percent to 15 percent. The plan will also include child-care benefits, a cause promoted by Trump's daughter Ivanka.
In a Wednesday morning speech, Treasury Secretary Steve Mnuchin said the overhaul would amount to "the biggest tax cut" and the "largest tax reform" in U.S. history. The claim suggests the cuts would cut more than $600 billion a year in revenue — or roughly 4 percent of the economy, exceeding the size of President Ronald Reagan's 1981 tax package.
The White House proposal does not include budget cuts or tax increases that would offset the tax cuts and keep the proposal from increasing the nation's deficit. It also does not include the so-called border adjustment tax preferred by House leaders. Both omissions left significant doubt over whether the outline would be embraced by Trump's own party.
The president sent his team to Capitol Hill on Tuesday evening to discuss his plan with Republican leaders.
"They went into some suggestions that are mere suggestions and we'll go from there," said GOP Sen. Orrin Hatch of Utah, chairman of the Senate Finance Committee.
The White House's presentation will be "pretty broad in the principles," said Marc Short, Trump's director of legislative affairs.
In the coming weeks, Trump will solicit more ideas on how to improve it, Short said. The specifics should start to come this summer.
http://www.newsmax.com/Headline/US-Trump-Tax-Plan/2017/04/26/id/786573/