Trump promotes 'giant, beautiful, massive' tax plan

Posted October 01, 2017

President Donald Trump insists his new plan to overhaul the tax system will benefit middle-class Americans - not wealthy people like him.

"We will cut the corporate rate below the average of our foreign competitors-and we will reduce the top marginal income tax rate on small and mid-sized businesses to the lowest in more than 80 years", Trump said. 1986 is calling, and wants its rotary phone back. It's not going to help. The only thing we see missing is making the reductions and reforms retroactive to January 2017 to accelerate the pro-growth impact, so for the most part they shouldn't be controversial. "It would have to be changed radically for that to happen", said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center.

This is another reason why Trump must release his own tax returns - to demonstrate how much he might personally benefit from his own proposals.

Trump is committed to supporting the ongoing response and recovery operations in Puerto Rico and the U.S. Virgin Islands. We face a historic opportunity to lift American workers up, grow paychecks, create more jobs and out-compete the rest of the world.

The White House and Republicans in Congress aim to have the tax proposal passed by the end of the year. "That means more production, more investment, and more jobs", Trump continued.

The White House walked those comments back but Conway's "gaffe" clearly had the ring of truth.

One of Not One Penny's key ad campaigns, which first aired in early September, urges North Dakota Sens.

Trump's plan hand-waves about repealing some deductions and exemptions, but gives no specifics.

Information for this article was contributed by Peter Baker of The New York Times; by Mike DeBonis of The Washington Post; and by Alexis Leondis and Sahil Kapur of Bloomberg News. Only the richest of estates are subject to the tax, yet cutting it would blow a big hole in public finances.

The bottom 95 percent of taxpayers could expect a tax cut of 0.5 to 1.2 percent, according to the analysis.

That's a big chunk of change.

The short video concludes by asking viewers to "let Senators Heitkamp and Hoeven know: not one penny more, not one penny in tax cuts to millionaires, billionaires, and wealthy corporations".

As a result, people who more recently purchased their houses pay disproportionately higher property taxes than long-term homeowners - and would be hurt more by Trump's plan to do away with deductions for property taxes.

The 'unified framework' on tax reform (9-page / 176KB PDF), which will be used to develop draft legislation, also proposes a one-off tax charge on foreign assets which are "repatriated" back to the U.S., as well as a radical simplification of the tax code for individuals.

Most reformers support the amendment because they believe the added flexibility in addressing tax issues will help their cause, Argall said.

If you're like me, you look at today's outdated tax code and ask: What are we doing to ourselves? There are all kinds of tax laws that affect it.

President Trump has delivered a forward-looking tax reform framework that will let hard working Americans keep more of their money, simplify our system, end carve outs for special interests, and will help make our businesses competitive overseas.

That's an important point. Being able to convince a Democrat or two to be for tax reform would certainly improve the chances of some sort of legislation passing.

There will be squabbles about how to factor in any growth from the economy in determining the long-term economic effects of the plan, but the larger middle-class tax burden could lie in the future. We've heard this one before.