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Trump tax plan: Relief for his voters but lots of unknowns

Trump tax plan: Relief for his voters but lots of unknowns

Earlier this month, tens of thousands of people had marched in more than 150 cities across the country to demand Trump release his tax returns. Any group of responsible tax analysts could have come up with more detail and a better proposal over a weekend than the 15-line "plan" that it has taken the Trump administration 100 days to produce. President Trump's advisors offered few details about the plan, insisting the announcement was just a "broad-brush overview".

The increased opportunities for tax avoidance will arise because the Trump proposal would enormously widen the now small difference between the tax rate on corporate profits-35 percent-and the top personal income tax rate of 39.6 percent.

Trump's proposal, a one-page outline short on detail, says he would double the standard tax deduction, which could provide significant relief to working-class families. But especially on the business side, Trump's plan lacks numerous details needed to make the numbers work.

The Trump administration Wednesday put forth a proposal that it labeled a "massive" tax overhaul, which would give big tax cuts to individuals and corporations and reduce the number of tax brackets and deductions.

The tax proposal, which will be unveiled later in the day, would be the "biggest tax cut and largest tax reform" in us history, Mnuchin said at an event hosted by The Hill.

While behind the podium in the briefing room, Mnuchin let slip that "the president has no intention" of releasing his tax returns to the public. He has also said that it doesn't matter if his policies grow the debt on paper, because they would somehow improve the economy and pay for themselves. "It's not true that you will have it for free - that tax cuts will pay for themselves".

"We're going to look at all that", he said.

Alan Viard, resident scholar at the American Enterprise Institute, says administration officials will nearly certainly ensure that no one pays a higher rate on the same income. Trump hasn't yet announced how his elimination of most deductions will affect the student loan interest deduction (which allows people to deduct the interest paid on those loans and earn a tax break) or other education-related tax credits that impact how much people pay in taxes. "I think the American population has plenty of information on his taxes". It is unclear how serious a demand that is, but at the very least, cutting taxes and overhauling the system to the extent the Trump administration wants is going to require lengthy negotiations and compromise, and the final outcome is far from assured.

"If it actually leads to a tax cut, it will be tilted toward lower income, low-tax states".

AMP chief economist Shane Oliver has also said that if Australia is unable to compete with the USA tax rate, companies may decide to move their head office from Australia to the US.

Louisville-based Humana employs more than 50,000 people and made more than $54 billion in 2015.

The United States has one of the highest corporate tax rates in the world at 35 percent.

Republicans are making another promise as well. Now it just has to figure out how to get Congress on board - and the White House might need Democrats to do that.



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