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Trump says 20 percent rate his goal all along
29 Setiembre 2017, 08:18 | Martinez Canez
Trump says 20 percent rate his goal all along
Trump'sproposedplan would call for an increased child tax credit and for opening it to families with higher incomes. Third, tax reform should go through the normal legislative process so both Democrats and Republicans have an opportunity to craft a bipartisan package.
President Trump says the nation and economy can't move forward unless america dramatically reforms the outdated, complex, and extremely burdensome tax code.
Among a host of changes to individual and business tax rates, the headline figure is a reduction in corporationtax from 35 percent to 20 percent.
Standard Deduction A standard deduction is a set amount of income that is not subject to tax. But why shouldn't high-earners pay less tax?
Trumpsaid his tax plan was aimed at helping working people, creating jobs and making the tax code simpler and fairer. Republicans say the plan will cut taxes to the middle class. Democrats insist that's not that case, claiming it favors the rich. Like it should have for 20 years. "Like millions of other Americans, Aaron wants to bring those jobs back to the United States", Trump said. "That's good for everyone".
Republicans have indicated they'd like to get the plan ready for president trump to sign off on by the end of the year.
HORSLEY: Many of the details of the plan still have to be filled in by congressional tax writing committees, and GOP leaders did leave the door open for a higher individual tax rate if that's what it takes to prevent the wealthy from shifting their own tax burden onto others.
Americans overwhelmingly want large businesses to pay moretaxes rather than less.
Republican Congressman Erik Paulsen said in a statement that Minnesota middle-class families and small businesses should be excited about the plan.
But back of the envelope math suggests the truth is that working-class Americans with kids could actually pay more, or negligibly less, under Trump's plan. "What kind of plan is this?" The president's framework calls for as few as three brackets at 12, 25 and 35 percent.
If you have kids there's some good news. A unspecified fourth bracket could be added for the country's wealthiest people.
The first year of his administration has been stymied by internal chaos and stinging defeats in his attempt to repeal and replace former President Barack Obama's health care law.
North Country Congresswoman Elise Stefanik (R-Willsboro) said it is time for comprehensive tax reform.
"It's the difference between succeeding as a party and failing", he said.
Passing the tax plan has become critical for a president desperate for a win.
The tax cut is being proposed at a time when the publicly held national debt is already $14.6 trillion. "Lawmakers will have to be bold and creative in identifying tax preferences to be eliminated, in order to make the math work".
It's created to persuade more American taxpayers to take the standard deduction on their income taxes rather than itemizing their deductions.
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