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Trump Pitches 'Once-in-a-Generation' Tax Reform Plan
28 September 2017, 06:26 | Santos West
US STOCKS-Wall St gains on financials boost, tax hopes (BAC, GS, NKE)
The tax reform proposal is Trump's big legislative play for the remainder of the year after the apparent failure to repeal and replace ObamaCare, which the Republicans have been unable to move forward on despite holding majorities in both the House and Senate.
Many foreign companies avoid doing business in the US, or leave American markets quickly, the president said, because competitor nations can attract corporations with lower tax rates than those in the "punitive tax system" in the United States.
The current seven brackets will be compressed down to three: 12 percent, 25 percent, and 35 percent.
Currently, the lowest tax bracket is at 10 percent. That could save a $500,000-a-year executive $23,000.
According to the White House, Trump plans use IN as an example for cutting taxes and regulations when he discusses the revamped plan IN Indianapolis on Wednesday. Also, the child tax credit would be substantially increased.
Pressed on this point in an appearance Thursday on ABC's "Good Morning America", Cohn estimated the tax relief for such a family should be in the range of $650 to $1,000.
"We're going to introduce a tax plan that's the largest tax cut, essentially in the history of our country", President Donald Trump said Wednesday outside the White House.
Any tax plan would have to meet congressional approval, which could come only after an expected lengthy period of debate and negotiations on Capitol Hill.
One of the goals is a simpler tax code that would spur economic growth and make United States companies more competitive. It will deliver fiscally responsible tax reform by broadening the tax base, closing loopholes, and growing the economy.
The White House officials also said the plan would increase the projected debt by as much as House and Senate members choose to allow in their budget resolution for the tax bill. The AMT raised the USA government about $38 billion in 2017.
It foresees a 20 percent corporate income tax rate, down from the current 35 percent but not as low as Trump's initial demand for 15 percent.
Cutting the top rate for businesses that pay under the individual code from 40 to 25 percent. Small businesses will get to keep more of their money. The corporate tax rate will be cut to 20% from 35%, something that Trump has been very vocal about since the campaign.
High-earners generally add more to economic growth than other taxpayers. Few corporations now pay the 35 percent, thanks to loopholes.
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