Post by BEAC0NJET on Apr 27, 2017 8:45:11 GMT -5
Announced Wednesday. Thoughts?
IMO, the good - no estate tax, cutting corp tax rate.
The bad (at least personally) - eliminating the federal tax deduction for state and local tax hurts those of us in states like NY with heavy state tax burdens?
IMO, the good - no estate tax, cutting corp tax rate.
The bad (at least personally) - eliminating the federal tax deduction for state and local tax hurts those of us in states like NY with heavy state tax burdens?
2017 Tax Reform for Economic Growth and American Jobs
The Biggest Individual And Business Tax Cut in American History
Goals for Tax Reform
Grow the economy and create millions of jobs
Simplify our burdensome tax code
Provide tax relief to American families—especially middle-income families
Lower the business tax rate from one of the highest in the world to one of the lowest
Individual Reform
Tax relief for American families, especially middle-income families:
Reducing the 7 tax brackets to 3 tax brackets for 10%, 25% and 35%
Doubling the standard deduction
Providing tax relief for families with child and dependent care expenses
Simplification:
Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers.
Protect the home ownership and charitable gift tax deductions.
Repeal the Alternative Minimum Tax.
Repeal the death tax.
Repeal the 3.8% Obamacare tax that hits small businesses and investment income.
Business Reform
15% business tax rate
Territorial tax system to level the playing field for American companies
One-time tax on trillions of dollars held overseas
Eliminate tax breaks for special interests
Process:
Throughout the month of May, the Trump administration will hold listening sessions with stakeholders to receive their input and will continue working with the House and Senate to develop the details of a plan that provides massive tax relief, creates jobs, and makes America more competitive — and can pass both chambers.
The Biggest Individual And Business Tax Cut in American History
Goals for Tax Reform
Grow the economy and create millions of jobs
Simplify our burdensome tax code
Provide tax relief to American families—especially middle-income families
Lower the business tax rate from one of the highest in the world to one of the lowest
Individual Reform
Tax relief for American families, especially middle-income families:
Reducing the 7 tax brackets to 3 tax brackets for 10%, 25% and 35%
Doubling the standard deduction
Providing tax relief for families with child and dependent care expenses
Simplification:
Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers.
Protect the home ownership and charitable gift tax deductions.
Repeal the Alternative Minimum Tax.
Repeal the death tax.
Repeal the 3.8% Obamacare tax that hits small businesses and investment income.
Business Reform
15% business tax rate
Territorial tax system to level the playing field for American companies
One-time tax on trillions of dollars held overseas
Eliminate tax breaks for special interests
Process:
Throughout the month of May, the Trump administration will hold listening sessions with stakeholders to receive their input and will continue working with the House and Senate to develop the details of a plan that provides massive tax relief, creates jobs, and makes America more competitive — and can pass both chambers.
