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Trump Promotes Republican Tax Cuts, Says 'Rebirth of American Industry Has Begun'

01 October 2017

He said this hits especially hard in states with high property taxes, which are heavily NY and California. To say the cuts are tone-deaf in an era in which millions of people in both parties worry deeply about income inequality doesn't begin to convey their obtuseness.

There's little disagreement that our federal tax system is in desperate need of simplification. American companies have persistently campaigned for lower corporate tax rates and for a simplified tax code, arguing that they restrain economic activity and prevent hiring.

First, the good stuff.

"We think that is going to help bring more investment and more income back to the USA rather than keeping it offshore, and it will help level the playing field for our companies so they can better compete with foreign companies that already have that kind of tax treatment", the official said.

Among the other changes to the tax code, Trump's plan would reduce the corporate tax rate from 35 percent to 20 percent, while cutting the tax rate for businesses that don't pay corporate income tax to 25 percent.

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The resolution is vital to plans by the Republicans to move tax legislation through the Senate, which they control by a slim 52-48 majority, using a parliamentary process that lets them pass legislation without a customary 60-vote threshold that would necessitate some Democratic support. Under his proposal, mortgage interest and charitable giving would still be deductible.

Trump, a real estate mogul-turned-politician, had pledged that the tax plan would not benefit the rich, himself included.

Corporations, meanwhile, would see their top tax rate cut from 35 percent to 20 percent. It also ends the perverse incentive to offshore jobs and keep foreign profits overseas. What that means is that the percentage favoring tax cuts for all drops by more than half, to 25% overall, if it means increasing the budget deficit.

Now, here's what will undoubtedly cause some Californians heartburn.

However, Republicans are now debating scaling back one of their largest proposals to pay for lower tax rates: repeal of the individual deduction for state and local taxes.

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SALT allows individuals to deduct state and local taxes on their federal returns.

"That tax deduction is going to go away", Nichols said. In fact, some estimates show that Californians, in total, now deduct over $100 billion in taxes from their federal tax liability.

The official said the tax package is designed with the middle class in mind.

Trump joined Republicans lawmakers this week in announcing the plan, which would be the biggest USA tax overhaul in three decades. The average total corporate tax rate among OECD nations is 24 percent, while the United States is almost 40 percent. The committees will also develop additional reforms to improve the efficiency and effectiveness of tax laws and to effectuate the goals of the framework. Eliminating it could raise more than $1 trillion over a decade. And for that, we can thank Prop. 13 which, once again, rides to the rescue of California taxpayers.

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Trump Promotes Republican Tax Cuts, Says 'Rebirth of American Industry Has Begun'