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ASX to open higher, Wall Street remains optimistic on Trump tax cuts

29 Setiembre 2017, 05:21 | Bibiana Flor

A majority of Americans say the U.S. tax system is unfair according to a Pew survey

A majority of Americans say the U.S. tax system is unfair according to a Pew survey

Tax reform is the latest priority for Trump and congressional Republicans after multiple efforts to replace former President Barack Obama's Affordable Care Act failed in Congress this year. "It means you're more loyal to your political bosses than the people who represent you". But many opponents of the tax say it targets people in the upper-middle class, not the uber-rich. The state of IN would only get an 87 percent share of tax cuts relative to the state's ratio of the US population.

The Trump plan would sharply reduce the taxes paid by businesses whose income is taxed at the owners' personal rate.

"Other countries are moving faster and further in reducing their tax rates and if we stand still, we will be left behind". So, for example, if a person earned $1 million from a real estate partnership, perhaps $300,000 of that would be taxed at only 25 percent, with the other $700,000 taxed at the full income tax rate. He's expected to give a 15-minute speech on tax reform at the Indiana State Fairgrounds. "Republican states like Florida and Texas and North Carolina you have a tax cut every year".

His popularity could also be affected by events over the past few weeks, with President Trump coming under much scrutiny for his reactions.

In a bid to make the United States more competitive, the President is proposing that corporation tax is reduced from 35% to 20%. That's because any gains the middle class reaps from a higher standard deduction will be minuscule at best because of the loss of personal exemptions and the elimination of certain itemized deductions like state and local taxes and medical expenses. What this does is follow the same old Republican theory that if you cut the taxes at the top, somehow it will eventually flow down to those at the bottom; that if you incentivize moving jobs offshore in the way you treat corporate taxes with this so-called territorial system, that that will somehow help workers here. This is one argument - disputed by many economists - that the administration uses to claim that its plan would mainly serve the middle class. A lower corporate rate along with closing loopholes and eliminating numerous business tax credits and deductions - as well as firm enforcement of the law - will keep companies here and produce more government revenue.

"It does not address sophisticated modern tax-avoidance techniques, such as Larry Ellison, who is worth $50 billion, getting a $1 salary and borrowing against the value of his appreciated stock, or companies such as Apple directing their global profits to tax-haven subsidiaries", Shaviro added.

On Wednesday, a senior administration official said US workers will benefit largely from the corporate tax rate increase, which will raise equity prices and lead to fuller pension plans. "And are we cutting regulations", Trump said. In 2005, Trump's income exceeded $150 million, but his regular tax liability was just $5.3 million-that's barely a 3.5 percent tax rate. After that the new tax brackets would kick in, starting at 12 percent (up from the current 10 percent). "But more importantly, he's heard from working Hoosiers who want to see a tax cut".

"My fellow Americans, this is the right tax cut, and this is the right time", Trump said. Ron Wyden, D-Ore., discuss the Republican tax plan during a news conference on Capitol Hill in Washington, Wednesday, Sept. 27, 2017.

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