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US President Donald Trump unveils 'once-in-a-generation' tax reforms

29 September 2017

"I would want to know, first and foremost from him, how he can ensure (with details and numbers) that a tax reduction across the board won't result in even more problems", says Rider-leck.

The full report details a host of other tax reforms, including a new three-tier personal tax system and a one-time repatriation tax for all overseas assets owned by United States companies.

Trump said his tax plan was aimed at helping working people, creating jobs and making the tax code simpler and fairer.

Members of the Senate Budget Committee have agreed on a budget resolution that would allow for a $1.5 trillion tax cut over 10 years.

The White House said that under the proposal typical middle-class families would have less of their income subject to federal income tax.

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Speaking to an enthusiastic crowd in Indianapolis last night, Mr Trump described his proposals as a "once-in-a-generation" chance. "We can unleash the economy - promoting growth, attracting jobs, and improving American competitiveness in the global market", said Senate Majority Leader Mitch McConnell, R-Ky. Chuck Schumer (D-NY). "Looking at this plan, I think nearly every wealthy family would get a big break".

According to Trump, one of the cornerstones of the plan is to create tax relief for middle-class families, mainly through tax cuts, higher standard deductions, and a larger child tax credit.

Trump noted that the first US$12,000 earned by an individual and the first US$24,000 by a married couple would be tax-free. They did not target the popular ones for mortgage interest and charitable giving, but called for scrapping the one for state and local tax payments. Republicans from those states are vowing to fight it.

"The family that owns the median home probably is going to face a tax increase", Oh said. There will be an increased child tax credit for children under the age of 17, with wider eligibility rules, and a new $500 tax credit for elderly and other adult dependents.

But Oh notes that the GOP plan would also raise taxes on people in the lowest earnings category.

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Limits the maximum tax rate for small businesses to 25%, and lowers the corporate tax rate to 20%.

Beyond slashing the corporate tax rate to "no higher than 20%", the proposal also offers write-offs for companies that move their manufacturing plants to the USA and would incentivize the repatriation of "trillions" of dollars in U.S. companies' profits stashed in tax havens overseas.

Tax experts say several provisions in the plan - including lowering the top personal tax rate to 35 percent from 39.6 percent - make it likely that the wealthiest would enjoy the tax cut. These businesses, partnerships and sole proprietorships whose profits "pass through" to their owners, would be taxed at a rate of 25 percent, not the individual rate of their owners, like under the current law.

Other rich taxpayers would benefit, too. There are now 14 senators who represent states where the number of people who benefit from the estate tax is so small, that for security reasons, the IRS can't disclose how many people receive it because it would be to easy to tell who those people are.

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US President Donald Trump unveils 'once-in-a-generation' tax reforms