Posted on 09/24/2017 10:16:17 AM PDT by SeekAndFind
The big change: The GOP leaders and the White House plan to cut the top tax rate for “pass through" businesses from 39.6 percent to 25 percent. (Most businesses in America do not pay the corporate tax. Sole proprietors and other mostly smaller businesses see their profits “passed through” to their owners and taxed at the individual income rate.)
The so-called "Big Six" tax framework — named because it's been hashed out behind closed doors between six top Republicans and administration officials — will set up a clash with Democrats over the tax breaks that apply to large corporations and upper income Americans.
What's next: President Trump is planning to give a speech unveiling the Big Six framework in Indiana on Wednesday, three sources said. The framework is the starting point for the tax reform process. It reflects the shared view of the Big Six, but it will inevitably change substantially as it goes through the normal legislative processes in the House and Senate.
(The "Big Six" are House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Treasury secretary Steven Mnuchin, White House economic adviser Gary Cohn, and the chairmen of the two tax-writing committees — Senate Finance Committee chairman Orrin Hatch and House Ways and Means chairman Kevin Brady.)
The details, per three sources with knowledge of the plan:
These Big Six decisions have been held incredibly tightly, but details began leaking out around Capitol Hill on Friday night and the corporate rate was first published by the Washington Post's Hill team. By Saturday, influential figures on K Street were beginning to learn more details.
Some problems the Big Six could run into:
The old expression.. 10% is good enough for God. It should be good
enough for the government.
I wonder what the “guardrails” would be.
10% should be plenty.
I wish Trump would have taken a harder line to cut spending below what the corrupt Congress/GOPe want. I also wish he’d have sent someone in there to cut the 50% of corruption spending that is bloating the military’s cost and giving them the wrong equipment.
FTA: GOP to cut top individual rate to 35%, Corporate tax rate from 35% to 20%.
The individual rate should be cut to 10% and the corporate tax to 10%
California has a 13.3% tax rate plus all their other taxes.
Again, it probably comes down to that is the best he is going to get out of these traitors to The People.
double the standard deduction?.....
I said it from the very beginning. The only legislative guarantee is tax cuts. Call me crazy, but I’d prefer we don’t cut income taxes for the top income earners and instead re allocate those cuts to the corporate rate....to make it 15% instead of 20%. With a 15% corp rate businesses will flourish and pop up everywhere. And it will eliminate the excuse we need to bring in low skilled 3rd worlders and we’ll clean out welfare roles. Also we need to cut spending too....for real
Bingo - these are huge business tax cuts. This will cause increased investment (jobs) and prevent inversions (jobs)
Pfft...
What happened to 15%? What about a tax break for those of us who actually pay taxes? Didn’t take him long to fall in line with the rest of the pukes did it.
Pathetic.
But the guardrails to keep high earners from transferring their income to small business profits?
(I ask because I am self-employed, and the drop in rate for us would be great.)
Some deductions will go away but with doubling the standard deduction, 90% will come out ahead and the top 10% of earners may go up.
It’s an improvement.
But none of it will matter if they don’t pass the bill.
An unfair jab at Rand Paul. He’s been only against the enshrinement of Obamacare 2.0 efforts as a “repeal” of Obamacare.
He’s probably the best Senator we have right now.
I hope Trump doesn’t cave on the 15% corporate rate, but it look like he will.
The goal is to free up more money to spark innovation, business growth, full employment, and massive new federal tax receipts.
Some folks make a massive mistake by saying the corporations or wealthy should have a tax increase.
What they fail to realize is that both the middle class and wealthy/corporations get tax cuts the economy will be jump started all the more.
If middle class tax cuts are offset by raised taxes to the wealthy/corporations, there will be a net gain of $0.00. No new growth. No new jobs. No increased federal tax revenues.
What part of this is so freaking hard to grasp?
25-15-10 for all if you must insist on taxing a mans labor.
“(The “Big Six” are House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Treasury secretary Steven Mnuchin, White House economic adviser Gary Cohn, and the chairmen of the two tax-writing committees — Senate Finance Committee chairman Orrin Hatch and House Ways and Means chairman Kevin Brady.)”
Surprise, surprise. Rogues, cowards, and thieves make up the “Big Six.” No telling what the fine print on this plan will look like. If this thing wasn’t written by Goldman Sachs I’d be really surprised.
My libertarian philosophy agrees with everything you wrote.
They thing that keeps nagging at me is what the billionaire oligarchs do with the extra wealth. You can only own so many mansions and Ferraris and islands. Soon you want to own politicians and direct the how our nation is run. People like Soros, Gates, Zuckerberg, Steyr, Bloomberg, et al, are actively working to undermine our republic.
That is why I have come to believe that after a certain amount of millions in income that the marginal rate should be very high.
Soros has done enough to qualify him as a criminal, many times over. I’d have to look individually to see if the others have gone that far. They may or may not have. That’s somewhat over simplistic, because Soros has clearly done way way way more than anyone else to destroy this nation, AND others.
As for these people’s donations, I lean toward them being unable to provide any more financial support than anyone else. Put a ceiling on it, and make it firm.
A few thousand dollars, what do I care. $10 million, ahh no!
Each citizen should have an equal say.
End PACs today.
As for McCain’s clever ways to circumvent these sorts of laws, shut them down.
Folks, I agree that people should have a first amendment right to support who they want. I don’t think it’s right for individuals, businesses, or special interests to buy favor from candidates.
Don’t play into defeating our tax cut plan to seek revenge on large donors.
One day you and I may be wealthy. Why would you want to tax everyone like that. Do you honestly think government spends that money better than private individuals do?
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