Posted on 04/26/2017 12:46:54 PM PDT by Enlightened1
Details of the Trump Administration tax reform plans began trickling out Wednesday, revealing plans to massively simplify the tax system, adjust tax rates for individuals and businesses, and eliminate several taxes including the AMT, inheritance, and specific Obamacare taxes. During the 1:30 p.m. White House press briefing, a document was provided to journalists with the following Trump Administration tax reform framework:
2017 Tax Reform for Economic Growth and American Jobs
The Biggest Individual and Business Tax Cut In American History
Goals For Tax Reform
Grow the economy and create millions of jobs Simplify our burdensome tax code Provide tax relief to American families—especially middle-income families Lower the business tax rate from one of the highest in the world to one of the lowest Individual Reform
Tax relief for American families, especially middle-income families: Reducing the 7 tax brackets to 3 tax brackets of 10%, 25% and 35% Doubling the standard deduction Providing tax relief for families with child and dependent care expenses Simplification: Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers Protect the home ownership and charitable gift tax deductions Repeal the Alternative Minimum Tax Repeal the death tax Repeal the 3.8% Obamacare tax that hits small businesses and investment income Business Reform
15% business tax rate Territorial tax system to level the playing field for American companies One-time tax on trillions of dollars held overseas Eliminate tax breaks for special interests Process
Throughout the month of May, the Trump Administration will hold listening sessions with stakeholders to receive their input and will continue working with the House and Senate to develop the details of a plan that provides massive tax relief, creates jobs, and makes America more competitive—and can pass both chambers.
View image on Twitter
(Excerpt) Read more at breitbart.com ...
Boom!
Any GOP Congress critter who even looks sideways at this plan, needs to lose their seat in the next election.
That 35 was originally 33 for the highest bracket. And 200k is not a fortune to make.
Plus as conservatives we don’t believe in progressive taxes
But no, I’m not complaining :)
There’s everything you want, and then there’s reality.
Thanks Enlightened1,
I hope you are well. As for the released info, much ado about nothing.
Gwjack
Will congress really be willing to get rid of the ridiculous death tax. Ryan will probably not allow that to happen
Libs will whine about the d ficit skyrocketing (I know, I know) but if the folks realize more cash in their pockets it won’t matter what libs say and by fighting it they have to come out AGAINST the very people they claim to want to help most.
MAGA
I would count on the congressmen from the high tax states to oppose if the deduction for state taxes is eliminated.
Why?
Handpicked Leftist Federal Judge to usurp control of American Tax Policy in 5.....4.....3....2....
Agree this is the plan the President Trump said he would present.
Any Republican congressman against this should be immediately recalled. If the member is somehow able prevent it or survive, then time to crossover and vote for the top opponent. It’s time to send a message to the sell out rats.
“I would count on the congressmen from the high tax states to oppose if the deduction for state taxes is eliminated.”
Is that part of the proposal?
Thanks gwkack, and I view it as President Trump keeping his campaign promise.
This is good to see, and it eliminates the media talking point that President Trump will not keep his campaign promise.
Rich or poor....we do for our children. What we can save or acquire belongs to them. It's already been taxed.
is it? Do I to send in a postcard?
Is it first 50K tax free for married couples? To be honest I haven’t looked at it to deeply. so I am not sure if this what he promised.
Libs are calling this plan voodoo economics on steroids.
Damn...no mention of Captial gains tax?! I still hate paying 15% long term gain tax and ORDINARY income if less than 1 year!
Why? I haven’t drilled down into the details of Trump’s tax plan, but if it accomplishes all that’s being advertised, I expect complete solidarity with the President from the congressional Republicans.
Any Republican office holder who balks at a plan like that, should be sent packing.
This deduction doesn't effect the state one bit.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.