Published: Mon, May 01, 2017
Entertainment | By Johnnie Parsons

Claims about Trump's tax plan don't hold up

Claims about Trump's tax plan don't hold up

Rick McVey, owner of Dilly Lily, works at his shop Wednesday, April 26, 2017, in Chicago. Claudia Tenney, a conservative-leaning Republican who represents parts of central NY, said until the state overhauls its own tax codes, New Yorkers "cannot afford" to lose their itemized deductions because the benefit offers state residents one of their few forms of tax relief. The florist has a range of possibilit.

Ever since the election, businesses have been salivating over President Donald Trump's potential tax reform, which they believe will save them significant money. People who take deductions for moves or health expenses or student loans or business travel may have to kiss those goodbye. "But not his taxes, unfortunately", said Rep. Joe Crowely, the House Democratic caucus chairman.

Treasury Secretary Steve Mnuchin made similar comments yesterday at the White House.

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 that's not double.

Cohn said the deduction would create "a zero tax-rate for the first $24,000".

The changes to the tax code are the most concrete guidance so far on Trump's vision for spurring job growth and fulfilling his promise to help workers who have been left behind by an increasingly globalized economy.

Most of tax breaks eliminated. That's because homeowners would no longer be allowed to subtract local property taxes from their federal tax returns, a popular deduction.

Finally, the new administration has presented the long-awaited tax plan.

"We know this is hard", Cohn said. Tax policy has been at the forefront for Ryan, a believer in supply-side economic theory who has served as the chairman of the powerful Ways and Means and Budget committees. It also proposes reducing the number of tax brackets from seven to three.

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"While residents of high income tax states like California will not like this last change, it is absurd for the rest of the nation to be subsidizing California's bloated state government through a carte blanche deduction".

That's because Trump's tax plan proposes eliminating things like the estate tax and the alternative minimum tax that benefit the top socioeconomic tier of the country. In contrast, a family in the top 1 percent would save about $215,000 and family in the top 0.1 percent would save over $1 million. A leaked document from Trump's 2005 tax return showed he paid $31 million due to the alternative minimum tax. "That is a bad situation for this country but last year is not this year".

The federal estate tax is widely misunderstood. This inheritance tax is levied on legacies worth more than $5.45m left after a person dies.

So the numbers are speculative, with many unanswered questions, such as what income levels the simplified tax brackets - 10, 25 and 35 percent - would apply to.

The biggest part of the plan, however, is the administration's proposal to slash the corporate tax rate from 35 percent to 15 percent.

But Viard says the tax unfairly hurts households that have spent a lifetime building up savings.

Asserting that the president is determined to unleash economic growth for businesses, the treasury secretary said this is not just about large corporations.

Much of Trump's income from his various businesses are taxed as "pass-through" corporations, a category that requires owners under current rules to pay individual tax rates as high as 39.6 percent.

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