January 19, 2018

GOP Poll Shows Strong Support for Tax Reform

28 September 2017, 07:53 | Virginia Santiago

GOP Poll Shows Strong Support for Tax Reform

Democrats Shred GOP's 'Morally Repugnant' Tax Reform Proposal

"We want tax reform that makes America great again", he said.

Taxpayers are waiting to see how the reductions will spread among companies, the middle class and the wealthy.

Here's what the tax plan actually does.

The reports help to explain a seemingly puzzling quote from Trump on Sunday regarding the tax plan. Still, a cut in the tax rate for Americans making a half-million dollars or more would drop by nearly 5 percentage points as the wealthiest sliver of the nation reaped tremendous benefits. For example, will all income now taxed at 33 percent be taxed at 25 percent? While there may be a short-term decrease in revenue, he said, tax cuts would "provide growth that we think will bring in more revenue in the long term".

The estate tax, which largely hits the wealthy, would be axed.

This is the tax measure that will cause the biggest trouble for state lawmakers. "It gives a massive tax cut to the wealthiest American households at the expense of the middle class".

The letter, sent in July, noted that the state and local tax deduction (SALT) has been part of the USA tax code since 1913.

Walters says Trump checked on the officer's condition, thanked him for serving and wished him well in his recovery. The GOP also is at odds over eliminating the federal deduction for state and local taxes.

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President Trump is doing everything he can to make sure his tax reform plan avoids the headaches suffered trying to repeal Obamacare, starting with muscling support from key Democrats to pad the margin of victory in Congress.

The lowest tax bracket would increase from the current 10 percent. He predicted jobs "will be coming back in because we have a non-competitive tax structure right now and we're going to go super competitive".

-Businesses whose income "passes through" to owners (the model for about 95 percent of all businesses) would be subject to a new tax rate of 25 percent, as opposed to the higher individual rate now assessed. He touted the individual income tax cut Pence spearheaded, as well as Indiana's corporate tax rate and its incentives for businesses that locate or expand in the state.

So-called pass-through businesses that pay taxes through the individual code - from mom-and-pop operations to large partnerships such as law firms, hedge funds and some of Trump's own businesses - would see their top tax rate drop to 25 percent from 39.6 percent.

In reality, the Republicans are releasing a bold tax plan that boosts the economy, benefits most taxpayers and embraces a longtime dream of simplifying taxes. It also is expected to eliminate or reduce some tax breaks and deductions.

Axios quoted five senior Republicans on Tuesday as saying that the GOP package would raise the tax rate of the lowest bracket from 10 percent to 12 percent - but working families would not feel a pinch because the package would double the standard income tax deduction. They are divided over whether to add to the nation's soaring $20 trillion debt with tax cuts. The plan calls for doubling the standard deduction, now $6,300 for single filers and $12,600 for most married couples.

Details will be filled in later by the committee, and legislation will be put forward after the House and Senate enact their budget frameworks, Brady said. That amounts to almost double the "benefit" they would receive by a doubled standard deduction.

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