Trump says he's willing to consider raising gas tax
- Author: Zachary Reyes May 02, 2017,
May 02, 2017, 11:19
While President Trump laid out his blueprint plan for tax reform, Dan Mitchell said for this plan to work, the government has to cut spending. Toder and Viard, for example, have a plan to pay for a rate cut with higher taxes on individual dividend earnings. This approach was favored by the doomed "Simpson Bowles" plan that died without congressional approval.
Since first announcing the T.R.U.M.P. Act back in December, the bill has been endorsed by the New York Times Editorial Board, and has been announced or introduced in 29 states representing more than 150 million voters and 338 electoral votes. But enough of them are to begin understanding the consequences of his proposal. "Some states have zero income taxes, some have high income taxes". The largest of these deductions are the ability to defer taxes on foreign income until the money is repatriated and accelerated depreciation expenses. Last week, the Trump administration released a one-page document outlining a new plan for tax reform.
There would be a one-time repatriation tax on offshore earnings. Moreover, the plan comes at a time when most states are finalizing their budgets for the next fiscal year.
Advocates of infrastructure investment have called for hiking the gas tax - or tying it to inflation - but Republicans have typically shot the idea down and argued that it hits the middle class.
That means that although many would find themselves in a lower tax bracket, key deductions will be lost including the ability to deduct employer-provided health insurance as well as state and local taxes.
Since the election, a Standard and Poor's index of shares in major financial institutions is up 18.6 percent.
There would be a shift from a worldwide system of taxation under which a US taxpayer is generally taxed on its worldwide income regardless of where earned to a territorial system under which income would generally be taxed in the country where it is earned. She said at a Milken Institute Global Conference in California on Monday that it could come "fairly shortly".
And shortly after Trump's comments to Bloomberg were made public, White House press secretary Sean Spicer tamped down expectations that the White House would ultimately support increasing the gasoline tax. The US has already accumulated federal debt about equal to its gross domestic product and the federal deficit is now running at about 2.5% of GDP per year.
Speaking earlier at an event during the Milken Institute Global Conference, Mnuchin said plans to overhaul of the tax system, offer regulatory "relief" and improve the terms of trade deals will help produce 3 percent USA economic growth that can be sustained. When it comes to an ideology - any ideology at all - Trump simply does not have one.