Trump, GOP tax plan is looming political disaster

Trump, GOP tax plan is looming political disaster

Trump talked up the tax proposal during a speech on Friday to the National Association of Manufacturers business lobbying group in Washington, calling it "a giant, beautiful, massive - the biggest ever in our country - tax cut".

The Trump plan would slash large and small business tax rates, double the standard deduction for middle-income folks, make the whole tax code simpler by eliminating unnecessary deductions, repeal the death tax, and end the alternative minimum tax.

Trump's plan falls short of the sweeping, bipartisan package crafted by Reagan and congressional Democrats, analysts said.

The tax cuts referenced by Trump were signed by then-Gov.

The state of Kansas offers a ready example of what happens when you change how pass-throughs are taxed.

Cutting that to 25 per cent could mean big tax savings for small-business owners, but also be vulnerable to abuse by other individuals and companies, analysts said.

Trump, a real estate mogul-turned-politician, had pledged that the tax plan would not benefit the rich, himself included. There are a couple of key points that need clarifying.

According to a leaked 2005 Triump tax return, the NY real estate mogul saw his tax bill go from $5.3 million to $36.5 million thanks to the alternative minimum tax. Above $5.49 million, the estate is generally taxed at 40 percent.

We know from past regressive tax cuts that no flood of economic growth will cushion any of these blows. The naysayers refuse to admit that tax-rate incentives matter.

In 1980 the maximum federal tax rate was 70 percent, the deficit and debt were negligible portions of the national budget and economic inequality was a minor issue. Effectively, look at the tax on the wealthy and corporations. The U.S. corporate tax rate has been higher than the OECD average for nearly 20 years. Do we really think businesses will not be affected by this?

However, a recent study found that lowering tax rates on corporate dividends, which went into effect in 2003, did not encourage corporate investment or hiring.

How about small businesses and farms? (Describing actions, or promises of action, by the Donald Trump administration often necessitates the use of quotation marks.) But it must have seemed a good idea to someone to complement Trump's culture war against liberals with a fiscal war. We must establish an American model bringing jobs and revenue and investment back home. The personal income tax cut alone (from 3.4 to 3.23 percent) reduced state revenue by roughly $295 million this year and has contributed to Indiana's unfortunate distinction of having one of the most regressive tax systems in the nation. If anything, targeted cuts to help those now unemployed, or incentives to invest to increase worker productivity, will be more helpful.

Law firm partners, like others, would benefit from reducing the top taxable individual rate from 39.6 percent to 35 percent, but Republicans have also suggested another top tax rate that is not yet defined.

The deduction benefits individuals who live in high-tax areas, including many in the Northeast corridor. Well, the not-rich family of four will be a lot better off with a $24,000 standard deduction.

No such pattern emerges between high taxes and GDP growth over 80 years.

Democrats need to win two dozen House districts now held by Republicans to take over the House in 2018. Your thoughts and voice in this policy and process is important to me.

Play hardball, GOP. JFK did it. Reagan did it.

During the early stages of the Republican Tax Reform Plan, which was worked on by both Republicans in the House and Senate, as well as Donald Trump himself, Trump insisted, on several different occasions during press conferences and Q&As with the press, that he would not benefit from this tax plan, whatsoever.

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