Trump tax plan is best for Trump, wealthiest Americans — Surprise

Trump tax plan is best for Trump, wealthiest Americans — Surprise

Trump said: 'This is a once-in-a-generation opportunity, and I guess it's probably something I can say that I'm very good at.

Exactly how much individuals save will depend on many factors, and as Business Insider's Josh Barro pointed out, tax cuts for average Americans aren't likely to be as sweeping as Republicans make it sound.

Bring Wealth Back: We are proposing an "American Model" that will bring back trillions of dollars held overseas and restore America's competitive edge.

Republicans are aiming to have tax reform signed into law before January. "Now is the time to fix our broken tax code, and we must get the job done".

The plan reduces the number of income tax brackets from seven to three, doubles the standard deduction for single and married filers, and slashes the tax rate for business down from 35% to 20%.

"We want tax reform that is pro growth, pro jobs, pro worker, pro family and yes, tax reform that is pro American", says the President.

President Trump eliminates the estate tax, which now impacts only the wealthiest 5,200 families in the entire country - and instead takes away the local and state tax deduction that many Maryland working families depend on.

"Government is working for you once again, not for the donors, not the special interests but the hard-working, taxpaying citizen", Trump said. Trump is the first president in four decades not to do so.

"We're going to get it done next week", he told The Daily Caller News Foundation, adding he's confident the lawmakers will be able to pass the legislation."Yes - that's why, getting the budget done next week builds that momentum even", McCarthy said.

Trump tax plan is best for Trump, wealthiest Americans — Surprise
Trump tax plan is best for Trump, wealthiest Americans — Surprise

But Democrats say that the plan will harm the middle class while giving major tax breaks to the wealthy. Trump has appealed to Democrats to support the plan, although they were not consulted in drafting it. That's good for everyone.

The president's plan also eliminates the estate tax on inherited assets, known as the "death tax", something that the White House had already announced, and it raises the standard deduction for individuals from $6,350 to $12,000 and for couples from $12,700 to $24,000. The plan would impose a new, lower tax on corporate profits stashed overseas, and create a new tax structure for overseas business operations of US companies. "We're punishing companies under our codes for being in the United States", he added. Under the new Trump plan, there's a provision that would cap the rate on income from pass-through businesses at just 25 percent.

President Trump says this plan would be the largest tax cut in history. Joe Donnelly (D-Ind.) who joined the president at the rally in his home state.

-Business owners who report business income on their individual tax returns.

Gillibrand said the plan was the exact opposite of what Trump said he would do while campaigning.

Regardless of Trump's claims, the wealthiest Americans will benefit much more from his proposed tax plan than working Americans.

Corporations would see their top tax rate cut from 35 percent to 20 percent. The proposal also gives committees the flexibility to create a fourth bracket that could potentially eliminate a potential tax cut for the wealthiest Americans.

"The AMT will make even less sense because we are repealing numerous special interest tax breaks that it was created to deal with", Trump said. I wanted to do it at 15 percent.

Trump says that he's nearly certain Republicans have the votes to pass legislation to repeal and replace former President Barack Obama's signature heath care law.

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