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Trump, Republicans introduce tax reform framework

28 September 2017

President Donald Trump and Republicans unveiled their tax reform plan to overhaul the United States tax code, a proposal they hope will become their first major legislative victory since taking power after last year's election.

Fundamental tax reform comes around only once in a generation, and this is our chance. "A lot of families are struggling under complexity of tax code", said House Speaker Paul Ryan, (R) Wisconsin. The plan leaves in place deductions for mortgage interest and charitable deductions.

Eliminates the estate tax, also known as the "death tax" on inheritances of $5.49 million or more. It's simpler, flatter and fairer than the current tax code.

The three new individual tax brackets would shave the taxes that people in the current highest bracket - 39.6 per cent - pay and slightly raise the minimum percentage income tax to 10 per cent.

Right now, the administration isn't attaching income levels to tax brackets.

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At the opposite end of the spectrum, the current tax rate in top bracket is about 40 percent. "It violates Trump's tax pledge that the rich would not gain at all under his plan by offering sweetheart deals for powerful CEOs, giveaways for campaign coffers and a new way to cheat taxes for Mar-a-Lago's loyal members".

Trump's proposal chops corporate taxes almost in half, slashes taxes on small business to 25%, and abolishes the inheritance tax.

"The Republican tax framework is a multi-trillion dollar giveaway to billionaires and big corporations at the expense of working Minnesotans and Americans".

The Tax Policy Center says virtually all who do claim a deduction for state and local taxes paid.

The Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance have developed a unified framework to achieve pro-American, fiscally responsible tax reform. Dan Donovan and Peter King, they could amass enough opposition to sink the proposal in the House.

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The new tax proposal slashes most deductions. But they are split on whether taxes on businesses should be reduced.

Households making more than $100,000 benefit the most.

A middle tax bracket of 25% - but with no incomes specified in the plan, it's hard to know who this affects. He says a business like his can't afford a separate professional to get the company's tax filings in order. Under the current worldwide system, US multinational corporations pay domestic tax on foreign earnings, which creates a competitive disadvantage for them. Republicans would also cut corporate tax rates to 20 percent, which would be lower than the 22.5 percent average of the industrialized world. The more money you make, the more you pay. Firms where the profit doubles as the owner's personal income will also see a cut.

Taxing passthrough income at a maximum rate of 25%. They are investors, executives, doctors, and other highly skilled individuals.

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