GOP/TAXES/TRUMP AS PRESIDENT: “President Donald Trump and GOP leaders proposed sharply reducing tax rates on businesses and many individuals, kicking off a major legislative push to overhaul the nation’s tax code this year.According to an estimate from the nonpartisan Committee for a Responsible Federal Budget, the framework calls for about $5.8 trillion in tax cuts over a decade and includes about $3.6 trillion in revenue-raising provisions; that leaves a net cut of $2.2 trillion. Senate Republicans are eyeing a plan that would allow $1.5 trillion in tax cuts over a decade.
The ambitious framework released Wednesday [9-27-17] by party leaders sketched out a range of tax changes—including lower taxes on corporate profits, incentives for business investment, fewer and lower individual income tax brackets and the end of estate taxes—that Republicans said will boost economic growth and benefit middle-income families.
Under the Republicans’ plan, the corporate tax rate would fall to 20% from 35%. And the top rate on individuals could drop to 35% from 39.6%.
Manufacturers, large-company executives, retailers and conservative groups issued supportive statements, showing a breadth of support for the GOP ideas, particularly in the business community. Real-estate agents, local governments and charities, who all stand to lose, voiced concerns, offering a preview of some potentially powerful opposition.”
-Richard Rubin and Siobhan Hughes, “GOP Tax Overhaul Aims for Corporate Cuts, Simpler Code,” The Wall Street Journal online, Sept. 27, 2017 07:27pm