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01 Octubre 2017, 05:20 | Dolorita Barahona
Trump’s Tax Plan 12 Reactions You Need to Read
Our nation's last comprehensive tax reforms were in 1986, so this is long overdue.
This is in no small part because Trump has delivered on his commitment to put the full weight of White House behind bold tax reform, he said.
It will be "highly damaging and devastating" for New Yorkers, Gov. Andrew Cuomo said. Corporations aren't not hiring people because they don't have the money, because they're paying it in taxes, they're not hiring people because they don't need people, or because they want to hire people overseas who will work for less money.
And the process could take months.
Meanwhile, Senate Republicans unveiled a budget plan Friday that lays the groundwork for overhauling the tax code. Short of votes, Senate Republicans announced Tuesday that they would not vote on the latest health care proposal.
New York Democrats came out in force Thursday to stress that the tax plan the president revealed following his secretive meetings with Republicans would hurt working and middle class New Yorkers.
The question is how much. He says this is more trickle down economics, that will increase the national debt by three to four trillion dollars over the next decade.
"Raise taxes for individuals and make us much less competitive for businesses", he said. Remember that corporations don't actually pay corporate taxes; their customers do, in the form of higher prices.
"One company's loophole is another's business model", Krueger said.
The president's tax proposal eliminates two taxes that mostly benefit the wealthy, and cuts a third tax roughly in half. So as bad as getting rid of the deduction might be for some, it could be worse.
The opposing view is that the deduction has turned into a massive federal subsidy to state and local governments.
The overall framework plan calls for increasing the standard deduction to $12,000 for individuals and $24,000 for families, which essentially doubles the amount of personal income that is tax-free. In essence, low tax states are now subsidizing high tax states with funding the federal government. Not necessarily, according to tax experts who said some gains may be eroded by loss of crucial deductions.
An analysis for Fortune magazine by Seth Hanlon of the liberal Center for American Progress details exactly how Trump's plan would benefit the wealthy. Above $5.49 million, the estate is generally taxed at 40 percent. If so, the question then becomes how high.
Trump said the plan would cap the tax rate for most small and medium-sized businesses at 25 percent, a rate he said these types of enterprises have not seen in more than 80 years.
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