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.
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(Excerpt) Read more at breitbart.com ...
I’ll have to call my accountant and see what they think of this. How will it affect Pennsylvania taxpayers? also, I’m always suspicious of proposals that cut certain deductions and say, but we’re lowering taxes - they can and probably will raise those taxes again in due order, so we’re messed over.
Let’s see how many new jobs will be created and how many foreign companies will be attracted to start doing business in America.
Comments?
Let’s see how many new jobs will be created and how many foreign companies will be attracted to start doing business in America. The latter can become a source of immigration if foreign employees are allowed to apply for citizenship.
Comments?
If he doubles the standard deduction, the first $33,300 a married couple earns is tax free.
And that is NOT what this proposed plan says! It doubles the deductible...from $12,000 to $24,000. It doesn't count in the "first" anything at all.
I'm all for new investments in America, but we've already got enough immigrants. We actually need a fifty year moratorium on ALL immigration to give enough time to assimilate the ones who are here now.
The standard deduction for a married couple is $12,600. Each person also has a person exemption of $4050. ($12,600 x 2) + (2 x $4050) = $25,200 + $8100 = $33,300.
That compares to $20,700 currently, which is a 61% increase.
I supported Ted Cruz in the primaries, but I do NOT understand why people on FR are dumping on Trump. He’s doing a great job!
“Some of it is okay, some of it STINKS . . . “
Like everything in life, some will like the change and some won’t. It reminds me of the lyrics to Journey song, Don’t Stop Belivin”:
Some will win
Some will lose
Some were born to sing the blues
Oh, the movie never ends
It goes on and on, and on, and on
“Some of it is okay, some of it STINKS . . . “
Like everything in life, some will like the change and some won’t. It reminds me of the lyrics to Journey song, Don’t Stop Belivin”:
Some will win
Some will lose
Some were born to sing the blues
Oh, the movie never ends
It goes on and on, and on, and on
I was correcting the figures, in a post, made by someone who hasn't read this proposal.
The proposal can be found via a link on DRUDGE and those were the figures I quoted.
So.....posting facts, sans any "FEELINGS", now makes one an anti-Trumper, does it? And this from a Cruzombie?
GO READ THE DETAILS !
Hey, I would prefer to see the income tax scrapped altogether, and the implementation of a national sales tax, but that’s just me,
So banal, that you had to post it TWICE?
Yes....it IS “just” you! A national sales tax is a TERRIBLE idea and one that 1) encourages a BLACK MARKET and/or BARTERING 2)would RUIN the economy 3) makes companies FEDERAL EMPLOYEES ( they become tax collectors and encourages FRAUD ) 4) can VERY easily become just an added tax, since income tax can always also be reinstated.
No, it's the best tax idea to come down the pike in decades, but opinions run strong, for and against.
It's been discussed to the ends of the earth on this website, so I won't argue the issue with you today. I'll just note your opposition to it.
Did you even bother to read and think about what I posted about this?
Do you understand HOW a national sales tax would work?
Yes, we disagree and hopefully, this terrible idea NEVER comes to fruition!
Tax relief for American families, especially middle-income families: Reducing the 7 tax brackets to 3 tax brackets of 10%, 25% and 35%
________________________________________
This is not good.
These are tax rate for middle income families?
We could end up paying HIGHER taxes.
I’d like to know what the income ranges are for these rates.
Learn something about taxes.
There are two parts to tax exempt income. One is the personal deduction, which applies to every person in the tax household. For a married couple with no kids, that would be 2. The exemption is currently (2016) worth $4050/person, thus $8100 total.
The standard deduction in 2016 was $12,600. If doubled, it would go to $25,200.
“The Post said the level of Trump’s proposed standard deduction couldn’t be ascertained but people briefed on the plan said it would be significantly higher than the existing deduction of $6,300 for individuals and $12,600 for married couples filing jointly. “
“The existing standard deduction Americans can claim is $6,300 for individuals and $12,600 for married couples filing jointly. The precise level of Trump’s new proposal could not be ascertained, but it was significantly higher, the two people said, who spoke on the condition of anonymity because the plan has not yet been made public.
During the campaign, Trump proposed raising the standard deduction to $15,000 for individuals and $30,000 for families.”
“GO READ THE DETAILS !”
Sounds like the details are not available yet. But this disgusting “Cruzombie” isn’t panicking, so why are you? I’m tired of whiny, hyperventilating people attacking Trump without having even seen his plan.
You forgot your sarc tag with that silly nonsense you posted.
None of that baloney affects states without income taxes. And none of that baloney would happen with a National Sales Tax.
Do you belong to a socio-economic group that wouldn't be hit by the loss of the deductions and don't have any investments?
What IF the mortgage deduction was done away with...do you have a mortgage? How would you react?
I don't have a mortgage, so no skin off my nose, but I would object to the loss of that deduction, because so many people have mortgages and that would not only hurt many, but result in a housing bust.
How do you feel about large medical bills NOT being deductible?
There are other examples I can post, but we all know that this proposition will NOT look anything at all like it does now, once the Congress takes it on....IF they even ever do.
I'm NOT "panicking"; just not happy with quite a few parts of what's claimed to be in and NOT in this. It shan't help me at all; it'll actually hurt me.
With a NATIONAL SALES TAX, every state, whether they have their own sales taxes and/or city taxes, would then become agents of the Fed Gov and have to collect the FED sales tax and remit it to D.C.!
Nothing I posted is "baloney".
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