White House Proposes Slashing Tax Rates for Individuals and Businesses

[still_one]

WASHINGTON — President Trump on Wednesday proposed sharp reductions in both individual and corporate income tax rates, reducing the number of individual income tax brackets to three — 10 percent, 25 percent and 35 percent — and easing the tax burden on most Americans, including the rich.

The Trump administration would double the standard deduction, essentially eliminating taxes on the first $24,000 of a couple’s earnings. It also called for the elimination of most itemized tax deductions but would leave in place the popular deductions for mortgage interest and charitable contributions. The estate tax and the alternative minimum tax, which Mr. Trump has railed against for years, would be repealed under his plan.

........

If, in fact, the proposal cuts taxes but fails to close loopholes or raise some other taxes, it would not be a true reform of the tax code. It would be a tax cut along the lines of President George W. Bush’s tax measure in 2001 and 2003. Nor is it clear that it would be the largest in history. Tax cutters from Warren G. Harding and Calvin Coolidge to John F. Kennedy and Ronald Reagan vie for that title. “We want to move as fast as we can,” Steven T. Mnuchin, the Treasury secretary, said at an event in Washington as the White House planned an afternoon rollout of its principles for what it bills as the first overhaul of the tax code in three decades. “This bill is about creating economic growth and jobs.”
He vowed it would be “the biggest tax cut and the largest tax reform in the history of our country,” in line with Mr. Trump’s grandiose portrayal. But there was no expectation that the White House would elucidate how the deep cuts would be financed, and administration officials are cognizant of the challenges of pushing through a proposal that could dramatically add to the national debt.

https://www.nytimes.com/2017/04/26/us/politics/trump-tax-cut-plan.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news

[The Velveteen Ocelot]

1. This will be DOA. If he thought health care reform was complicated....

[still_one]

2. I hope so. It better be

[tonyt53]

3. One page. One friggin' page. Sure appears that tax reform is hard, just like healthcare.

Or maybe they wanted to keep it simple so the simpleton-minded Congress might read the entire document. Three years down the road after implementation, the working people of this country will be hammered. The GOP will also gut the Social Security fund.