Trump to outline major tax cut plans

Emmett Rice
September 28, 2017

White House advisers are divided over whether to cut the top individual tax rate, and Republican leaders, aware the plan could be construed as a huge giveaway to the wealthy, are trying to design features to the package that would ensure that the rich don't get too large a share of the plan's tax relief. House Ways and Means Committee Republican chairman Kevin Brandy says that they are discussing how they can bring down the tax cuts.

The tax plan will also offer a larger child tax credit-up to $1,000 per child under 17-increasing income limits so more families will be eligible for the child tax credit, and the marriage tax penalty will be eliminated.

-The standard deduction would double, to $12,000 for individuals and $24,000 for married couples.

Analysts expect some specifics on proposed tax cuts, such as lowering the corporate rate and the rate that "pass through" entities pay.

The tax proposal will be released jointly by the Trump administration, the House Ways and Means Committee, and the Senate Finance Committee.

That means the White House and congressional Republicans would have to find $4 trillion in tax breaks to eliminate, something that could prove very hard if they insist on keeping tax rates low for the wealthy.

"Tax reform is the most important thing we can do to restore confidence to this country, to get jobs and prosperity and that's why we are so singularly focused on getting this done this year", House Speaker Paul Ryan, a Big Six member, said on Tuesday. But he said again during an appearance on CNN's "State of the Union" that the tax plan that's coming this week will be "getting rid of lots of deductions".

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Also retained are tax incentives that "encourage work, higher education and retirement security". This loophole would slash the tax rate on the profits from these businesses by more than a third. Most itemized deductions, including those widely used for state and local tax expenses, would also be eliminated. The proposal aims to do that by pushing for the elimination of the estate and alternative minimum taxes and reducing the number of individual taxable income brackets from seven to three. The top individual tax rate will fall to 35% and "pass-through" business owners will see a 25% rate-both of which are reductions from the current top rate of 39.6%. I think there's very little benefit for people of wealth, ' Trump told reporters at the White House.

Vice President Mike Pence will not be at the Indianapolis event, but he was in Anderson last week to promote the president's upcoming visit and proposed tax changes.

Change how U.S. multinationals are taxed: Today, U.S. multinational firms pay a 35% tax on overseas profits when they bring them back to U.S. shores.

After talking about it for weeks, the Republicans have finally released their long-awaited tax plan.

As the Republicans regroup following the failed attempt to repeal and replace the Obamacare in July, they are now focusing on an aggressive tax code rewrite.

Sen. Chuck Schumer says Trump's plan only gives "crumbs" to the middle class, while top-bracket earners making more than a half-million dollars a year would reap a windfall.

Other reports by Free-Prsite

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