Trump Might Need Democrats' Support For Tax Reform
- Author: Zachary Reyes May 02, 2017,
May 02, 2017, 11:37
But Trump's top economic adviser used some bad math to describe the proposal, raising questions.
Trump also wants to reduce the top income tax rate from 39.6 percent to 35 percent. Trump's tax plan would also end the alternative minimum tax, a move that would benefit the richest Americans, including President Trump.
Individuals who inherit more than $5.45 million: With the current system, you can pass on up to $5.45 million without paying an estate tax.
The real estate industry has always been the biggest beneficiary of tax breaks, writing off interest on loans and depreciating the value of a property for tax purposes, even when the market value of the property rises.
"We're committed to keeping charitable deductions and mortgage interest but everything else is on the table and this is about tax simplification". No other state except NY had a higher proportion of income deducted due to state taxes. We don't know how much because the president won't release his tax returns.
Andrew Kahn, a shareholder at Concannon Miller & Co., Hanover Township, Northampton County said, "If the corporate tax rate gets lowered to 15 percent, that's great for business".
Treasury Secretary Steve Mnuchin could not guarantee on April 27 that the Trump tax plan, which he is helping to create, would not raise taxes on the middle class (video below).
He called the new tax code the "most significant tax legislation since 1986, and one of the biggest tax cuts in American history". The plan would slash corporate taxes to 15 percent for large and small businesses, as well as consolidate categories for individual taxes, lowering the top bracket from almost 40 percent to 35 percent.
Florida, on the other hand, has no income tax. In effect, Trump proposed a banana split with the bananas, ice cream and toppings to come later.
Mr. Trump's refusal could stall his plan for tax cuts, as some Democrats have promised to put the brakes on any tax reform until Mr. Trump reveals his returns.
"With an eye toward fairness and simplicity, we're confident we can rebuild our tax code in a way that will grow our economy, better promote savings and investment, provide our job creators with a competitive advantage and bring prosperity to all Americans", they added.
"The Trump outline sets up a good starting point for the larger tax cut discussion that our nation needs to have".
For that reason, the CRFB looked at the tax cuts relative to the size of the overall US economy, i.e., tax cuts as a share of gross domestic product. "Having less money spent on taxes will help businesses expand their businesses, maybe invest in new property or equipment".