Trump Administration Proposes Sweeping Tax Cuts
After months of promises, a brutally combative campaign and election, and the first 100 days in office, President Donald Trump and his administration have released their tax plan, which promises to include “the biggest tax cut” in the history of our country, according to Treasury Secretary Steven Mnuchin and National Economic Council Director, Gary Cohn.
While the proposal does make big promises it did not include many specific details. For example, although the administration is promising to decrease the number of tax brackets to three, it did not reveal the planned income levels of those brackets. The plan also promises to change personal tax rates and eliminate many of the deductions that the nation’s wealthiest individuals use, but it was light on details.
On the other hand, some details were revealed, including the plan to greatly reduce corporate tax rate from the current level of 35 percent to just 15 percent. The plan also calls for allowing a pass-through rate for business owners, which would allow self-employed individuals to be taxed at the corporate tax rate instead of the personal income tax rate.
Meanwhile, even though the income levels for the three proposed tax brackets were not revealed the tax rates were: 35 percent, 25 percent and 10 percent. Some of the other significant proposals include:
- The elimination of the estate tax
- A one-time repatriation tax
- Standard individual tax deduction being doubled
- All itemized tax deductions being eliminated except mortgage payments and charitable donations
- Repeal the Net investment income tax of 3.8 percent
- Eliminate the alternative minimum tax
- Eliminate state and local tax deduction
http://www.businessinsider.com/trump-tax-reform-cut-plan-proposal-2017-4
http://thehill.com/policy/finance/330696-trump-proposes-sweeping-tax-reform
Tax Policy Center Claims Trump Child Care Plan Favors the Rich
Although most of President Trump’s policies have greatly divided the country, one policy that everyone can agree upon is lowering the cost of childcare. However, what they don’t agree on is how to make that happen. So far, his proposals have been well received by the right and not so much by the left.…
Making the Most of Corporate Tax Reform
Although nothing major has happened yet, rest assured that corporate tax reform is on the way. The Trump administration has made big promises and at some point they are coming. So far, the president has proposed reducing the corporate tax rate from 35 percent to 15 percent, while republican leaders in Congress have proposed…
These Tax Breaks Are a Big Boost to the Wealthy
Even though the new presidential administration has already made several tax cut promises that would greatly benefit the wealthy, the fact is, high net worth individuals already benefit from several tax breaks that favor the rich. In fact, there are numerous ways that the wealthy can, and are already saving on their tax bill.…
Huge Decisions Loom for Lawmakers on Obamacare Taxes
One of the biggest calling cards of the Republican Party for the last several years, including President Donald Trump, has been to repeal the Affordable Care Act, also known as Obamacare. Although Obamacare has faced much opposition throughout its existence, recent polls suggest that most Americans don’t want it repealed, especially if there is…