Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

White House Begins Release of Tax Plans: Simplify, Eliminate AMT, Death, Obamacare Taxes
Breitbart ^ | 04/26/17 | MICHELLE MOONS

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 ...


TOPICS:
KEYWORDS: cuts; releases; taxcuts; taxes; trump; trumptaxes; trumptaxreform
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-97 next last
To: DCBryan1

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


21 posted on 04/26/2017 1:08:10 PM PDT by RummyChick (can we switch Don,Jr for Prince Kush and his flak jacket. From Yacht Party to Warzone ready to wear.)
[ Post Reply | Private Reply | To 18 | View Replies]

To: jcon40
I would count on the congressmen from the high tax states to oppose if the deduction for state taxes is eliminated.

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.

22 posted on 04/26/2017 1:10:08 PM PDT by Windflier (Pitchforks and torches ripen on the vine. Left too long, they become black rifles.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Enlightened1
I'll wait until the judge in California announces our new tax plan.

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.

23 posted on 04/26/2017 1:12:07 PM PDT by Cementjungle
[ Post Reply | Private Reply | To 1 | View Replies]

To: RummyChick; Sacajaweau; Enlightened1
Libs are calling this plan voodoo economics on steroids.

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.

24 posted on 04/26/2017 1:12:56 PM PDT by chajin ("There is no other name under heaven given among people by which we must be saved." Acts 4:12)
[ Post Reply | Private Reply | To 17 | View Replies]

To: riverdawg

Yes. The Wa Po says Fed tax deductions for state taxes paid are to be eliminated ...

https://www.washingtonpost.com/business/economy/trump-to-unveil-proposal-for-massive-tax-cut/2017/04/26/2097fe42-2a94-11e7-be51-b3fc6ff7faee_story.html?utm_term=.242255045fbe

>>>> 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. <<<<


25 posted on 04/26/2017 1:13:03 PM PDT by jcon40 (The other post before yours really nails it for me. I have been a DOS / PC guy forever and always e)
[ Post Reply | Private Reply | To 13 | View Replies]

To: riverdawg

Capital gains to go down from 23.8% to 20%

As per NYT

Big whoop. ....


26 posted on 04/26/2017 1:16:08 PM PDT by jcon40 (The other post before yours really nails it for me. I have been a DOS / PC guy forever and always e)
[ Post Reply | Private Reply | To 13 | View Replies]

To: Windflier

“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.


27 posted on 04/26/2017 1:18:37 PM PDT by HKMk23 (You ask how to fight an idea? Well, I'll tell you how: with another idea!)
[ Post Reply | Private Reply | To 3 | View Replies]

To: jcon40
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.

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.

28 posted on 04/26/2017 1:24:26 PM PDT by rfp1234 (DinosorosExtinction)
[ Post Reply | Private Reply | To 25 | View Replies]

To: Enlightened1

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!


29 posted on 04/26/2017 1:24:32 PM PDT by Paulie (America without Christ is like a Chemistry book without the periodic table.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Enlightened1

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.


30 posted on 04/26/2017 1:25:38 PM PDT by RetiredArmy (Believe or not, we R in the Last Days of human history. Jesus is coming back, & soon! RU saved?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: HKMk23

The kicker will be medical deductions. Anyone dealing with chronic illness knows that is the one that can really effect middle class.


31 posted on 04/26/2017 1:26:46 PM PDT by RummyChick (can we switch Don,Jr for Prince Kush and his flak jacket. From Yacht Party to Warzone ready to wear.)
[ Post Reply | Private Reply | To 27 | View Replies]

To: Enlightened1

That’s a helluva summary page.

If passed, the economy would go wild.

So the Dems have to oppose it.


32 posted on 04/26/2017 1:27:14 PM PDT by Uncle Miltie (The Washington Post is Jeff Bezos' Fake News unregulated SuperPAC.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Enlightened1

Retroactive to cover 2017 tax year?


33 posted on 04/26/2017 1:29:22 PM PDT by umgud
[ Post Reply | Private Reply | To 1 | View Replies]

To: rfp1234
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.

In Massholechusetts, the gluttonous legislature is salivating at their plans for an income tax hike and implementing a progressive tax structure. This might, MIGHT, put a stop to that.
34 posted on 04/26/2017 1:30:16 PM PDT by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
[ Post Reply | Private Reply | To 28 | View Replies]

To: dp0622
Well, I'm complaining!

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.

35 posted on 04/26/2017 1:31:50 PM PDT by nopardons
[ Post Reply | Private Reply | To 4 | View Replies]

To: riverdawg

YES and that is a pill many in BOTH House won’t swallow!


36 posted on 04/26/2017 1:33:45 PM PDT by nopardons
[ Post Reply | Private Reply | To 13 | View Replies]

To: nopardons

My brother was hoping for a lower top bracket. He’s a lawyer.

Me it doesn’t affect :)


37 posted on 04/26/2017 1:34:50 PM PDT by dp0622 (IThe only thing an upper crust Conservative hates more than a liberal is a middle class conservative)
[ Post Reply | Private Reply | To 35 | View Replies]

To: Enlightened1
Again Donald Trump is just NOT DOING ENOUGH! I can't believe he flipped all of us the Bird and became another President 0bama. /”NeverTrump-Trump Supporter”
38 posted on 04/26/2017 1:39:24 PM PDT by ConservativeMind ("Humane" = "Don't pen up pets or eat meat, but allow infanticides, abortion, and euthanasia.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Windflier
That's because you live in a state where there is no income tax. There aren't many such states and many of the rest of the states have VERY high state and CITY income taxes, which, in this proposal, shall no longer be FED TAX deductible.

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!

39 posted on 04/26/2017 1:39:58 PM PDT by nopardons
[ Post Reply | Private Reply | To 19 | View Replies]

To: The Toll

Still have to get whatever comes out through the do nothing GOP majority.


40 posted on 04/26/2017 1:48:20 PM PDT by Sam Gamgee
[ Post Reply | Private Reply | To 11 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-97 next last

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.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson