Trump's top finance officials, Director of the National Economic Council Gary Cohn and Secretary of the Treasury Steve Mnuchin, "trotted out a plan that would slash taxes for businesses and wealthy families, including Mr. Trump's, in the vague hope of propelling economic growth", the editorial board wrote. Though specifics are still unclear, Kentucky's most profitable companies would get a tax break under the plan. And in tax policy, as in many aspects of life, the details are extremely important.
But the long-anticipated overhaul - details of which remained unclear beyond a handful of headline measures - could face stiff opposition in Congress, including from some Republicans, with lawmakers sharply divided over the prospect of fueling already-rising deficits.
And those criticisms could mean Republicans will be on their own when it comes to passing the biggest attempt at tax reform and tax cuts since Ronald Reagan did it more than 30 years ago. The president has released plenty of information and I think it's given more financial disclosure than anybody else and the population has plenty of information. If Republicans embrace this "plan" after all their hand-wringing about deficits and debt, we should build a Grand Monument to Hypocrisy in their honor. But what about everyone else?
If enacted, these initiatives could drive GDP growth from 1.6 percent in 2016 toward the postwar average of 3% to 4%. And that's the question that's impossible to answer right now. In other words, tycoons would try to structure their incomes to pay not at a 39.6 percent top personal rate but at a 15 percent corporate rate. Finally, it repeals the Alternative Minimum Tax (AMT), which was created to ensure that higher earners pay a minimum level of taxes, and does away with the estate tax, which taxes inheritances. Depending on where you live, and how many deductions you take, you might end up paying more. This isn't mere idle speculation - Kansas tried a similar proposal and found itself in this very situation.
Trump has faced continued criticism over his refusal to release his tax returns, with Democrats signaling his refusal to release them could complicate GOP plans for tax reform.
Any reductions we have in upper-income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class.More news: ND's Kizer, Toledo native, drafted by Browns
In short, if you like tax cuts - and who doesn't? - there's a lot to like here.
"Our country deserves to know about the business dealings of our president", she said.
As presented, the plan allocates much of the tax relief to the wealthy, which means it will be hard to get votes from Democrats. Relying on growth, whether spurred by the cuts themselves or not, to balance the budget is a highly uncertain endeavor.
"But if Trump's plan is passed, the situation will change in favor of the U.S. Israel will lose no small amount of income".
And in your self-absorbed way, you announce a tax cut that will hugely benefit yourself. The new plan would reduce that to more than half, at just 15%.
"I can't support it if it eliminates the property tax and state income tax deductions", Congressman Peter King of NY told AFP.