Donald Trump set to unveil his tax plan on Wednesday
It is being reported that Donald Trump will release his tax plan on Wednesday in a speech. The plan is apparently not finalized but here is what is being reported:
“Republicans are going to announce bold tax reform that grows jobs, grows paychecks and vaults America into the lead,” Rep. Kevin Brady, R-Texas, told CNBC on Monday. The chairman of the House Ways and Means Committee noted that the plan will offer specific numbers that include “the lowest rates on business in modern history.”
The framework, expected to be released on Wednesday, will likely feature dramatically lower rates for most — if not all — households and businesses, according to several people familiar with the plans. However, as of Sunday night, the so-called Big Six had not yet finalized how much detail to provide on other key elements of tax reform, such as whether to allow full and immediate expensing and perhaps most critically, how to pay for the tax cuts.
Here are some of the details:
- A Republican familiar with the White House plans confirmed negotiators are pursuing a corporate rate of 20 percent, despite President Donald Trump’s suggestion Sunday afternoon that he would still prefer to see a 15 percent rate.
- The framework would also set a slightly higher rate of 25 percent for “pass through” businesses, the person said.
- The administration is also pushing for a top individual rate of 35 percent — the same number it proposed in a one-page outline of principles in April, according to the source. But there is not yet agreement among the negotiators over what the effective rate for the wealthiest households should be.
And here is more from this article:
- Top individual tax rate cut from 39.6 to 35. The current seven income tax brackets collapsed to three, as part of simplification. (Axios hasn’t obtained the other two rates.)
- Axios can confirm that the Big Six agreed to cut the corporate tax rate from 35 percent to 20 percent. That key detail leaked last night to the Washington Post. (Trump has said he wants the corporate rate to be 15 percent.)
- The Big Six framework is also expected to include guardrails to prevent wealthy people from artificially lowering their income taxes by rearranging their affairs to get taxed at the small business rate.
- We can confirm, too, WashPo’s reporting that Republicans plan to double the standard deduction — a boost for the middle class and a key component of simplification.
Major Hat Tip to The Right Scoop for this.
Stay tuned, Wednesday could be interesting…
malo periculosam libertatem quam quietum servitium
America's Watchtower 
If early reports are true all you’re going to lose are your ability to deduct real estate taxes, state and local taxes, and god knows what else. Sounds like another swamp reform I can live without.
Why not tax everyone at 10% no deductions, no tax exempt organizations?
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We’ll have to wait and see what is actually in this, I have heard about the possibility the mortgage interest deduction could be gone. I like the idea of a flat tax.
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Reblogged this on Brittius.
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Thank you.
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You’re welcome.
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I don’t think it’s taxes that are keeping companies from investing in the US.
Stop taxing individuals who make less than 1 million. Most of the small businesses are in this category and so are most of the jobs.
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There has to be something in there to protect small businesses, I agree!
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Call me cynical.. I will believe it when I see it…
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Same here…
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Until the American people are truly “represented” for their good, no taxation.
Of course, that’s NOT the “way of the world and its god” ($$$, controls, AI, parasite) but, in sanity ‘that’ seems like the logical outcome. Those who are unAmerican and self-serving shouldn’t have any funds to use ‘as they want’ … esp. the Pentagon (who still won’t say “what” they’re doing with the Trillions they spend and “appropriate.” Liars and thieves.
I tried to search online to see how much the IRS took in from taxes last year and can’t find the total. How many trillions of $$$$$ did the IRS take in this year from taxes?
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Didn’t the Pentagon “lose” trillions of dollars they cannot account for? Just googled it, they did. Makes you wonder who they sent this money to, I am sure it did not just disappear due to sloppy bookkeeping.
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Right. At least that’s ‘findable’ (the topic). But I couldn’t find how much the IRD took in for 2016 taxes. There much about fill out taxes but ‘how much did they “haul” in?’
(ps, that show is linked on my twitter page – still trying to get the hang of it! 🙂
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We would probably be flabbergasted if we found out how much money they took in compared to what we have gotten for it. Which is why they won’t let us know of course.
I’ll check out the video on twitter when I get the chance.
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