Trump tax plan: Relief for his voters but lots of unknowns

"Under the Trump plan, we will have a massive tax cut for businesses and massive tax reform in simplification".

The first is his call to slash the business tax rate on pass-through entities to 15% from 39.6%.

Maybe you don't care about all the rich people who stand to benefit from this, because you believe cutting taxes on pass-through income will spur job creation and economic growth.

Maybe it's White House economic adviser Gary Cohn's peculiar claim that reducing the number of tax brackets is how you simplify the tax code.

"We are going to double the standard deduction, so that a married couple won't pay any taxes on the first Dollars 24,000 of income they earn". In terms of delivery, nothing is likely to prove more decisive for his term in office than how effectively his tax policies play out for the United States economy over the next four years. Additionally, Trump's plan would eliminate the estate tax or "death tax". But plenty of ginormous companies get taxed this way, including hedge funds, big law firms, publicly traded partnerships and even - coincidentally? - the Trump Organization.

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Under the proposal, personal income tax cuts would account for three-fourths of the reduction in government tax revenue.

This approach is created to stop multinationals from relocating their legal domiciles to low-tax nations, a practice known as a tax inversion, and to otherwise stop sheltering overseas profits from U.S. taxes, which is now accomplished by shifting intangible assets to low-tax nations.

Alan Viard, resident scholar at the American Enterprise Institute, says administration officials will nearly certainly ensure that no one pays a higher rate on the same income.

Beyond that, the Trump plan doesn't detail what other breaks he'd support curbing. It would also favor small and midsize businesses, because they're more domestically oriented, and benefit exporters while penalizing importers-in particular retailers such as Wal-Mart Stores Inc. that sell mostly foreign-made goods. Trump's tax plan would also end the alternative minimum tax, a move that would benefit the richest Americans, including President Trump. "It means lifting more people up and empowering more Americans to improve their lives".

But all other deductions, except for mortgage interest and charitable contributions, would be eliminated, including state and local taxes and medical expenses. Those less than a year old are most important, creating a total of 1.5 million jobs each year. Because of that, he instead paid $38 million.

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The principles outlined in the president's proposal, they said in a joint statement released Wednesday, "will serve as critical guideposts for Congress and the administration as we work together to overhaul the American tax system and ensure middle-class families and job creators are better positioned for the 21st century economy".

Again, without Trump's tax returns, it's impossible to say which breaks in those broad categories he relies on to reduce his taxable business income. If the goal of tax reform is to boost the economy, then tax reform must start with small business. Most everyone fears it, but it's already been so watered down as to apply only to estates worth at least $5.5 million.

"It's not a surprise that American business has left trillion dollars offshore".

Treasury Secretary Steve Mnuchin said Trump will propose safeguards that would prevent rich people from taking advantage of the tax cut, but he provided no details on how that would work.

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