Trump to Propose Sweeping Tax Cut for Corporations and Individuals

[TomCADem]

Source: MSN/NY Times

WASHINGTON — President Trump will propose a sweeping rewrite of the federal tax code on Wednesday, outlining a plan to reduce rates for corporations and individuals and eliminate some popular deductions, in a move that will set off a scramble among powerful groups eager to protect their tax breaks.

The proposal will call for slashing the corporate tax rate to 20 percent from 35 percent, doubling the standard deduction for individual taxpayers and slightly increasing the bottom tax rate to 12 percent from 10 percent, according to two officials briefed on the details of the blueprint.

The framework, which has been agreed upon by Republican leaders in the House and Senate, leaves most of the details to Congress but proposes a reduction in the individual rate to 35 percent from 39.6 percent, while leaving the door open for an unspecified, higher bracket for the wealthiest Americans. The plan would also, for the first time, create a 25 percent tax for “pass through” businesses, which account for the vast majority of business income in the United States and are currently taxed at individual rates.

Pulling the tax code levers inevitably creates winners and losers, but the scant details of the plan, including how it will be paid for and which deductions are on the chopping block, make it impossible to determine the distributional effects and whether it will actually help middle-class taxpayers and not the wealthiest Americans.

Read more: http://www.msn.com/en-us/news/politics/trump-to-propose-big-tax-cut-for-corporations-individuals/ar-AAsva6p?li=AA5a8k&ocid=spartandhp

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I guess Trump thinks that he is doing such a great job that he deserves a tax cut along with the billionaire members of his cabinet. However, that is okay, because racism is the new populism. If you bash on immigrants and foreign trade, you are considered a common man.

[CousinIT]

1. It is NOT going help the middle class or poor - quite the contrary. n/t

[groundloop]

2. Xactly.... we'll end up footing the bill for corporate tax cuts

[hedda_foil]

8. He only respects white men who are meaner and richer than he is.

[yallerdawg]

3. What happened after last huge Republican tax cut?

It took eight years for a Democrat to clean up the mess!

Let's hope Congressional Democrats don't fall for this shit again.

[bucolic_frolic]

4. "how it will be paid for"

is the only relevant detail.

Because it won't be paid for, or it will be paid for by killing off blocks of people by removing their health care, polluting their air and water, or starving them.

No wonder Janet Yellin is raising interest rates to ward off the inflationary aspects of Trump's latest boondoggle.

[bagelsforbreakfast]

5. We need to go back to the old tax codes where the elite...

paid their fair share!

With all the money the 1% has stolen we could fund SS and the ACA. And that's without even the money we'd save not going into all these stupid, wasteful wars.

[democratisphere]

6. redumbliCONs tax plan is DOA.

Funding can only come from taking on additional huge amounts of debt; the same debt they are always bitching about increasing. Hypocracy is not their friend.

[flotsam]

7. "and slightly increasing the bottom tax rate to 12 percent from 10 percent"

20 percent increase for poorest taxpayer while the tax rate for major corporations is cut by 40 percent....

[BumRushDaShow]

9. "increasing the bottom tax rate to 12 percent from 10 percent"

"reduction in the individual rate to 35 percent from 39.6 percent"

Of course - increase the taxes for the poor and lower the taxes for the rich.

And the way these sentences were structured by this media outlet, was to intentionally obfuscate that the lowest tax rates would increase FROM 10% to 12% and the highest tax rates would decrease FROM 39.5% to 35%.