White House Tax Plan

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Skywalker
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White House Tax Plan

Postby Skywalker » Wed Apr 26, 2017 6:20 pm

White House Proposes Slashing Tax Rates for Individuals and Businesses

This is a developing story.. so who knows what it will look like in a few days. The infomation was found in Washington Post, and there is also a link to The New York Times as well at the bottom (it is where the title came from).

The central feature of the White House’s plan would be a big reduction in tax rates for virtually all Americans and businesses.

It would eliminate the seven existing income tax brackets and replace them with three brackets, containing new rates of 10 percent, 25 percent, and 35 percent, based on someone’s income. White House officials haven’t specified which income levels would hit the higher tax brackets, as they see that as part of ongoing discussions with Capitol Hill.

It would also roughly double the standard deduction that Americans can use to reduce their taxable income. The deduction for married couples would move from $12,600 to $24,000. This would incentivize people not to itemize their tax returns and instead use the standard deduction, simplifying the process and potentially saving taxpayers thousands of dollars each year.

The White House plan would eliminate the alternative-minimum tax and the estate tax, provisions that raise billions of dollars each year but have long been the target of Republicans seeking to rip up the tax code. Cohn, speaking of the AMT, said “we don’t think that people should have to do their taxes twice,” and added that the estate tax unfairly prevented farmers and others from passing along their businesses to the next generation.

In order to offset some of the cost of the lower rates, Drumpf administration officials said they were proposing to eliminate virtually all tax deductions that Americans claim, provisions that they argued primarily benefited wealthier Americans. Cohn said they would preserve tax breaks that incentivize home ownership, retirement savings, and charitable giving. But almost all others would be jettisoned.

Washington Post

New York Times

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Personally I wonder what this is going to do for people who get Earned Income Tax Credit, Child Tax Credit, all those tax creits that make Tax time the best day of the year for most poor poeple.

Time will tell.
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Feydakin
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Re: White House Tax Plan

Postby Feydakin » Thu Apr 27, 2017 3:07 am

Well it will give them more money overall because they pay less in taxes. They'll just actually have the be responsible and save instead of counting on that one huge return check every year. It sounds really good on paper, I just hope that Dems stop with the obstructionist BS and pass it if they put together a good plan.
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Re: White House Tax Plan

Postby NaranjaRa » Thu Apr 27, 2017 10:43 am

if you're not earning much, or anything, paying less taxes out of an already meager check really doesn't help much at all. you can be the most responsible person in the world until you actually you know, have to eat.

and as an aside: why was it all fine & dandy when all the GOP did was block every little move Obama made (even things liked helping Vets ffs), but now that the situation has flipped, the Dems are the most awful POS on the planet?

once again, not a liberal. i just pay attention to hypocrisy and side with decency.

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