30 April, 2017
"That helps drive the economy, create economic growth". At a briefing later, Trump economic adviser Gary Cohn walked that back a bit, calling it "one of the biggest".
Like the plan itself, unveiled Wednesday, Mnuchin's explanation was short on details. It was created to ensure rich Americans couldn't deduct their way out of paying any federal income tax.
"That's the heavy lift", said Rep. Dave Brat, R-Va. Regardless, though, most Americans won't ever have to worry about the tax.
"We are a poor state", Bailey said. Now it just has to figure out how to get Congress on board - and the White House might need Democrats to do that.
The approach would be different from Trump's earlier plan, which was criticized as an approach that would mostly benefit higher earners.
The plan is little more than the administration's goals, and Congress must pass any tax reform.
He also warned that a plan that dramatically shrinks tax revenues would "explode the deficit". "That's our objective", Mnuchin said.
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At first blush, it appears to be smaller than President Ronald Reagan's 1981 tax cut, the biggest ever. The AMT is a separate tax calculation meant to ensure that richer people don't avoid paying most or all of their taxes by claiming multiple deductions and credits. However, he also warned that for businesses attracted to the US' low tax rates, it may not be as easy as moving offices. "I really don't think we should be blowing a hole in the deficit". History proved that it's a bankrupt theory to believe tax cuts for the rich will lead to prosperity for the middle class. The will of Congress to pass the heavy political life to lower the top corporate rate from 35 percent to 15 percent is likely nearly nonexistent.
[T] he plan would increase the standard deduction from $12,600 to $24,000 ($12,000 if single), and eliminate personal exemptions. These three stocks have a higher proportion of overseas cash to their current market capitalizations than Apple does, giving them the biggest potential percent gains if the White House's plan goes through.
Democrats were much harsher in their appraisal.
Supporters say the tax proposals would stimulate the economy, encouraging Americans to buy more goods and companies to hire more workers.
"It's kind of interesting to see how Trump was elected on this kind of anti-establishment basis", financial policy analyst Daniel Sankey told Radio Sputnik's Brian Becker.
Standard deductions and individual deductions: The new plan would double the standard deduction, which is now $6,350 for single filers and $12,700 for married couples. But the administration has yet to determine the income levels for people who would be put in each bracket.