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Trump to outline major tax cut plans

Trump to outline major tax cut plans

President Donald Trump is going to tour America to promote a tax plan that - like the Republican Party's numerous infamous Obamacare repeal bills - remains mysterious.

"I think we can [enact reforms] but we will need to have some Democrat help", he said in an interview on Fox Business Network's "Mornings with Maria" program. "Hardworking families and small businesses can not afford to wait any longer", Ryan said.

The president said the goal of the framework is for a simpler and fairer tax code for USA taxpayers. In Indianapolis, he offered specific numbers to back up his calls for the biggest changes to the tax code in decades.

A new tax plan with proposed lower tax rates released by the White House on Wednesday aims to allow businesses to write off the cost of new investments but limits how much they can deduct for interest expenses on loans.

"This is our once-in-a-generation opportunity to fundamentally rethink our tax code. I am not going to negotiate".

The plan released Wednesday still lacked a number of important details, including when the different tax brackets kick-in. "Like it should have for 20 years. And a lot of very wealthy people feel the same way, believe me".

The plan also calls for the end of the alternative minimum tax, a provision that was originally created to ensure that the wealthy would not be able to avoid taxes altogether but which has become a burden on the middle class due to inflation and bracket creep. Donnelly has expressed openness to the tax overhaul, citing the need for it to reward companies that keep jobs in the USA and penalize those engaging in offshoring.

"Our framework will stop punishing companies for keeping their headquarters in the United States".

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"So we're in search of it and we're getting close, very close", he said. "When our companies move to other countries it's our loyal American workers who get hurt". Only people earning more than $418,000 pay the top individual tax rate now.

The framework is the result of months of closed-door discussions between top Trump administration officials and Republican congressional leaders, but Trump has signaled in recent weeks that he is hoping to win some Democratic support for his proposal. Joe Donnelly, who is among the most endangered Senate Democrats facing re-election in 2018.

The chart below shows what we do know so far about how Trump's tax plan could change federal income tax brackets, compared to what we have today.

The Senate Budget Committee has agreement on a resolution that would allow for a $1.5 trillion tax cut over 10 years, with Toomey playing a role in reaching that agreement.

Rep. Mark Meadows, head of the House Freedom Caucus, stated he would vote against legislation if it called for a corporate tax rate over 20 percent, a rate for small businesses higher than 25 percent, or if it fails to double the standard deduction.

The Republican plan would greatly simplify the tax code by reducing the current seven tax brackets down to three: 12 percent, 25 percent, and 35 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.

MIDDLE-CLASS BENEFITSIn terms of middle-class benefits, the framework outlines a near doubling of the standard deduction - to $12,000 for individuals and $24,000 for married couples - and calls for "significantly increasing" the child tax credit from the current $1,000 per child under 17. Trump previously stated a 15 percent rate for corporations, but House Speaker Paul Ryan stated that was too low risking contributing to the country's $20 trillion national debt. Trump sought to justify the shift on Wednesday, saying that he only floated 15% as a negotiating tactic. "I think we got to put aside the differences and start working together". "The estate tax is one of the things and, if you look at it, for farmers and people with small businesses".

The White House is now aiming to push tax reform through Congress by the end of the year.


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