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 ...
No deduction for medical expenses is a problem.
Ex...pull $100k out of an I.r.a. now to pay for a nursing home but you can no longer deduct the medical expense. You just got hit with a big tax burden
They'd better support the central planks of this tax plan, or be outed as Democrats.
Work out the finer details in negotiations. It's in their job description.
I hear it's going to exempt all public sector employees from taxes completely, and have a tax bracket of 90% for anyone (private sector) making over $70K. Earned Income credits will provide "refunds" of upwards of $200K to anyone making less than $20K. Additional credits will go to minorities and non-citizens.
It's not voodoo, it's you do, as in you do the work, you make the money, government leeches get less of your money but more money in general from everyone.
Yes. The Wa Po says Fed tax deductions for state taxes paid are to be eliminated ...
>>>> And Trump’s advisers are looking to ax some tax breaks that are very popular in certain states, including the deduction Americans take for the state and local taxes they pay separately each year. Eliminating this deduction could save more than $1 trillion over 10 years but inflame lawmakers and governors in states that have high income tax rates. <<<<
Capital gains to go down from 23.8% to 20%
As per NYT
Big whoop. ....
“Any GOP Congress critter who even looks sideways at this plan, needs to lose their seat in the next election.”
...and be forcibly stripped of their GOP affiliation.
PERMANENTLY.
Those would be mostly libs, I presume. The RINO govs. of MA, MD, IL, etc. may not get re-elected. So be it.
If state pols don't like it, let them cut state taxes so state govts. can learn to live within their means.
Seems like a good proposal.
At least Ivanka was able to appease her all-important feminazi buddies with a child care giveaway. Thanks Daddy-dearest!
The best Tax Reform would be the elimination of the IRS and all of its liberal thug commie employees. Give them 90 days pay as termination pay and good bye, not even allow them to transfer to another federal job. Kiss the IRS goodbye. THAT WOULD BE THE BEST TAX REFORM WE COULD EVER HAVE!!! Then just put in a flat tax or tax on what you purchase, etc.
The kicker will be medical deductions. Anyone dealing with chronic illness knows that is the one that can really effect middle class.
That’s a helluva summary page.
If passed, the economy would go wild.
So the Dems have to oppose it.
Retroactive to cover 2017 tax year?
Some of it is okay, some of it STINKS, and there are things that weren't considered, that would be good.
Reality is that the DEMs aren't going to like it and neither will some GOPers. And by the time this goes from the House to the Senate, and back to the House, it'll be changed a LOT.
YES and that is a pill many in BOTH House won’t swallow!
My brother was hoping for a lower top bracket. He’s a lawyer.
Me it doesn’t affect :)
Yet they is a deductible for mortgage payments. I don't have a mortgage, so I get no benefit at all and would lose a deductible. And as someone else mentioned, there's nothing about Capital Gains taxes.
I would be happy to have seen the giving of money, to people who did NOT pay taxes removed and a few other such things!
Still have to get whatever comes out through the do nothing GOP majority.
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.