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Big victor under Trump's tax plan for 'everyday Americans': Donald J Trump

29 Setiembre 2017, 08:10 | Bibiana Flor

Big victor under Trump's tax plan for 'everyday Americans': Donald J Trump

Wall Street closes higher after Trump’s tax framework

Trump has faced repeated, embarrassing setbacks, including Republicans' failure to repeal and replace former President Barack Obama's health care law.

Republicans could also lower the rate to 15 percent by getting rid of the many special interest loopholes that make our tax code unfair and burdensome.

"With significant and meaningful tax reform and relief, we will create a fairer system that levels the playing field and extends economic opportunities to American workers, small businesses, and middle-income families", it adds.

An inclusive, Main Street-focused approach is sure to bring both Republicans and Democrats to the table.

The tax framework would establish a 25-per-cent rate for business income from businesses called "pass-throughs". The administration wants to cut the corporate tax rate to 20% from its current 35%, although that change isn't as dramatic as it might seem because due to loopholes and other maneuvers, big US corporations now pay an effective tax rate of only 18.6%, according to the Congressional Budget Office.

"Finally, there have been some innovative suggestions for pairing a carbon tax with substantial tax cuts for businesses and families".

It astonishes me that the last time our elected officials passed comprehensive tax reform was in 1986. Today's disappointing Big 6 plan falls far short of that.

That's why analysts say the government would have to help pay for the tax cut by slashing programs that serve the middle class.

Additionally, the proposal doubles the standard deduction that most Americans take ($12,000 for a single person and $24,000 for a married couple). Separating the personal rate from the small business rate all but guarantees that the top rate will never return to the Reagan low of 28% that has since climbed to about 44% with the ObamaCare surtax on investment income.

-Many itemized deductions would be eliminated, though it's not clear which ones would go, though incentives for contributing to IRAs, along with mortgage deductions, would continue. Republicans from those states are vowing to fight it. The plan ends the job killing "Death Tax". There would be an option for a fourth tax rate for the highest-earning individuals, but only if Congress chooses to pursue it, which is unlikely with the current makeup. Instead, there would be a new tax $500 tax credit for elderly dependents. As it stands, these businesses face absurdly high tax rates, since their profits are treated as ordinary income and can be taxed at rates exceeding 40%.

What this could do, is put people into a lower tax bracket.

Basically, the Trump plan is for you to get a little tax savings - or, for millions of households, pay more - while the super-rich pay much less. They pointed to the removal of inheritance tax and a reduction of business tax from 35 percent to 20 percent as measures that would mainly benefit the wealthy.

Ruing that the total business USA tax rate is 60 percent higher than its average foreign competitors in the developed world, Trump said by doing so the U.S. has "surrendered" its competitive edge to other countries. It would also allow companies to write off capital expenditures for five years.

The plan would lower the top individual rate from to 35 per cent from 39.6 per cent.

The GOP plan for the first major rewrite of the USA tax code in 30 years also says corporations will be stopped from shipping jobs and capital overseas. But - despite six months of talks with congressional leaders - the outline still lacks vital details about how middle-class families would fare.

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