Trump's tax plan could cost an estimated $5.5 trillion

The vague outline of a "tax-cut plan" that the Trump administration unveiled Wednesday was meant to provide an illusion of achievement on the 97th day of Donald Trump's presidency.

"President Trump's tax reform plan still lacks important details but as it stands, the plan appears it would add significantly to the debt", the CRFP said.

Trump's corporate tax cut will bust the federal budget.

(AP Photo/Andrew Harnik). National Economic Director Gary Cohn, right, yields the podium to Treasury Secretary Steve Mnuchin in the briefing room of the White House in Washington, Wednesday, April 26, 2017, where they discussed President Donald Trump t.

"That's the heavy lift", said Rep. Dave Brat, R-Va. "They have deductions on top of deductions. things you've never heard of before", Trump said.

"There's a good reason to stay at the table, see if we can't come up with a good, smart solution", Brady said. This is supply-side nonsense.

Second, legislation should structure in a sensible way the "tax relief for families with child and dependent care expenses" that the White House promises.

It would eliminate the estate tax and reduce taxes on investments, typically paid by the rich.

Mark Wilson  Getty Images News  Getty Images
Mark Wilson Getty Images News Getty Images

While the broad outlines of the proposal are clear - corporations and families will get tax rate cuts, and deductions and other "loopholes" will be eliminated - numerous details of the plan are uncertain.

The average state and local tax deduction claimed by New Yorkers who itemized was $21,038 - the highest in the country. Of course, the more lucrative the business, the bigger the savings.

Cuomo, speaking in late March, said losing the ability to deduct the state and local taxes could even "expedite" wealthier New Yorkers leaving the state. The plan says simply, "Eliminate tax breaks for special interests". The proposal lacks any details and there are serious doubts how it might actually get passed in Congress. "We're moving and getting on the same page". Finally, pass-through businesses, including many small companies, would get a 15-percent tax rate.

The administration wants to reduce the number of tax brackets to three from seven, but it has yet to determine the income levels for people who would be put in each bracket.

U.S. CEOs have long complained the corporate tax rate, at 35%, is why companies are reluctant to bring funds back to America.

Until more details are known, it is hard to know exactly how some taxpayers will fare. That's because most lower-income taxpayers take the standard deduction, and that's being doubled.

The plan calls for doubling the standard deduction that people can claim on their income tax returns, which would lower tax bills for some taxpayers and lead to a much simpler tax filing process for others.

McMahon said for a top bracket, multimillion-dollar earner, the net tax difference between New York City and Florida is now 7.7 percent of income.

Theresa May warns ministers against election complacency
Starmer accused May's government of "taking option after option off the table" before talks even start. Three polls suggest that about twice as many people plan to vote Conservative as Labour.


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