Posted on 04/27/2017 11:32:59 AM PDT by Sean_Anthony
And more!
We told you yesterday about the Trump plan to reduce the corporate tax rate from 35 percent to 15 percent, and to make a similar move on the repatriated profits tax. Later in the day, more detailed emerged about Trump’s larger tax proposal. Via CNBC, here are the high points:
Trump’s plan will cut the number of income tax brackets from seven to three, with a top rate of 35 percent and lower rates of 25 percent and 10 percent. It is not clear what income ranges will fall under those brackets. It would also double the standard deduction.
Hopefully some spending cuts are next.
Rush mentioned Trump is eliminating the Alternative Minimum Tax as well.
Is this an end to the marriage penalty?
https://en.wikipedia.org/wiki/Marriage_penalty
The estate tax is exceedingly wicked, amounting to a TRIPLE tax in many cases. It further destroys, financially, many families already destroyed by the death of a loved one.
Only if the estate is over $5.5M (or $11M for a couple). Otherwise it has no impact.
Just doubling the standard deduction would be a HUGE help for my wife and I.
That reads as if the mortgage interest deduction and charitable contribution deduction are eliminated. But...that can't be right. Can it?
Had a guy trying to explain to me why the estate tax was valid. Said it was a tax on the gains a property made over the course of the life of the owner. I asked a very simple question he couldn't answer. I asked, who benefitted from these gains if the property simply passed hands from one family member to another (or several) and was never sold, such that no actual gain was realized? He couldn't answer that. How is it a gain to anyone if that property is never sold?
It has an impact if those assets are not liquid. That’s the entire point - family farms.
No, it is NOT right.
“...a few exceptions, including the mortgage interest and charitable contribution deductions.”
Mortgage interest and charitable contributions are included under “...a few exceptions...”
Yes, if the estate is over $5M/$11M. Otherwise, no.
I like doubling the standard deduction. I always thought it was unfair that renters got the same standard deduction as homeowners. A lot of lower income and young kids rent and pay such a high rate relative to their income, they still have living expenses. This should help those people a lot.
Lawyers and accountants are deeply saddened.
Removing the deduction for state and local taxes is a great idea.
Let those high-taxed blue state folks feel the hurt from their local voting....:^)
I agree, excuse the whining you hear from Nebraskans losing the income and property tax write off, change is hard!
There’s a good reason it’s nicknamed the “death tax.” you almost can’t afford to die in certain circumstances.
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