Trump tax plan leaves Congress, Paul Ryan with 'heavy lift'

But, the President's plan leaves these deductions untouched. 'The American public has lots of information on the president's financials'. But the outlines of his proposal, released Wednesday, are nothing short of hallucinatory. "We will be attacked from the left and we will be attacked from the right". They must be deeply embarrassed at now having to pretend that two plus two equals seven.

For Yum! Brands, with more than 500,000 employees and revenues of more than $13 billion in 2015, the plan would cut a little more than $2.5 billion from its base tax rate. With about $230 billion in overseas cash on its balance sheet, Apple alone now accounts for about 10% of the total offshore profits held abroad by USA firms. I've never thought of myself as a deficit hawk, but this kind of profligacy is ridiculous.

His fellow Texan, Senate Majority Whip John Cornyn, called for both parties to support the plan, saying "Pro-growth tax reform should be our goal - and it's something that's united Republicans and Democrats in the past". Meanwhile, he has pledged not to touch entitlements such as Social Security and Medicare.

In other words, Trump's tax plan would give major tax breaks to people earning hundreds of thousands of dollars a year or more. I agree with the economists who find this scenario unlikely.

Stephanopoulos asked Mnuchin if the taxes on the wealthy would go up, and Mnuchin said the focus was on lowering the top tax rate for the wealthy, while eliminating deductions and special interests that rich people now use.

That group projects the plan would cost about $5.5 trillion over a decade, or roughly 2.3% of GDP over that period.

Treasury Secretary Steve Mnuchin said of the tax: "We don't think it works in its current form".

"With an eye toward fairness and simplicity, we're confident we can rebuild our tax code in a way that will grow our economy, better promote savings and investment, provide our job creators with a competitive advantage and bring prosperity to all Americans", the statement read.

[T] he plan would increase the standard deduction from $12,600 to $24,000 ($12,000 if single), and eliminate personal exemptions. The top tax rate for many small business owners would be reduced from 39.6 percent to 15 percent. The top rate falls to 35 percent from almost 40 percent.

"I can't make any guarantees until this thing is done and it's on the president's desk". But 15 percent is too low, and fiscal conservatives in the House are already balking.

Repeal the alternative minimum tax: The AMT is an alternative method of calculating federal income tax that runs parallel to the ordinary method. But there's no detail on which incomes fall under each bracket.

The plan would also reduce the number of tax brackets for individuals, dividing Americans into groups that are assessed either 10, 25 or 35 percent.

Democrats are using the possibility of presidential profits to bash the proposal.

Many other deductions are eliminated, but key deductions for mortgage interest and charitable contributions would remain. The standard deduction, for those who do not itemize, would be doubled.

I looked it up.

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