White House Outlines Trump’s Proposed Tax Plan
If You Are A Liberal And You Are Outraged About Jesse Watters’ “Misogynistic Treatment” Of Ivanka Trump? I Have Some Words For You.
April 26, 2017I Need To Talk About ‘The Handmaid’s Tale’…
April 26, 2017The White House just outlined President Trump’s proposed tax plan. It includes cuts for both individual and corporate income tax rates. The final details haven’t been ironed out yet, but here’s the general deal. Trump wants to consolidate the individual income tax brackets, going from seven to three. The rates will be 35 percent, 25 percent and 10 percent. I should note, his general plan would eliminate many tax deductions. Trump’s plan would also eliminate the death tax, Obamacare taxes and the alternative minimum tax. In addition, it would double the standard deduction. And of course, Trump also wants to slash the corporate tax rate, bringing it from 35 percent to 15 percent.
The plan would also repeal the alternative minimum tax. Treasury Secretary Steven Mnuchin followed up, discussing a one-time tax on overseas profits that would aim to repatriate trillions of dollars.
He said the tax cuts, combined with regulatory relief and the renegotiation of trade deals, is aimed at boosting economic growth to 3% or higher.
“We will unlock the economic growth that’s been held back for too long,” said Mnuchin.
.@POTUS Tax Plan: Top Rate (35%) lowered to 2003-12 level:
2013–Present: 39.6%
2003-12: 35%
1993-2000: 39.6%
1988-90: 28%
1965-81: 70% pic.twitter.com/WnXvSiu5M5— Fox News Research (@FoxNewsResearch) April 26, 2017
A 15% corporate tax rate would be the lowest since 1937:
1936-1937: 15%
1968-1969: 52.8% (Peak)
1993-Present: 35% https://t.co/nbZfQ62cYC— Fox News Research (@FoxNewsResearch) April 26, 2017
Gary Cohn on Trump tax plan: “Our basic premise here is to simplify the tax system, lower rates and make it easy.” https://t.co/VpAGUrQEUT
— CNN (@CNN) April 26, 2017
While I completely agree that tax reform is long overdue, this isn’t exactly what I wanted (I think 35 percent– even 25 percent– is too high). However, it’s certainly better than what we’re dealing with now.
h/t Fox News Insider
Update: A previous version of this post indicated that the mortgage interest and charitable contribution deductions would be eliminated. Wrong. They will STAY.
