Trump tax plan: Relief for his voters but lots of unknowns

Trump tax plan: Relief for his voters but lots of unknowns

Will it help the middle class and/or businesses?

Second, legislation should structure in a sensible way the "tax relief for families with child and dependent care expenses" that the White House promises.

"The Trump outline sets up a good starting point for the larger tax cut discussion that our nation needs to have". "The president has released plenty of information, and I think has given more financial disclosure than anybody else".

But Christie said he supports Trump's plan to repatriate funds and slash the corporate tax rate.

Chart 1: The S&P 500 Index over the last three days. So far, however, there are no specifics as to how income ranges are broken down among the brackets.

About 70% of Americans, mostly low- to moderate-income, now take the standard deduction and would benefit, Viard says.

During the campaign, Trump had originally called for those rates to be 10% 20% and 25%. "All those moneys will be squeezed even more from a plan like this that again cuts revenues by cutting taxes for people at the top". That's because most lower-income taxpayers take the standard deduction, and that's being doubled. People, like Trump himself, who own so-called "pass-through" companies (partnerships and limited liability corporations, for example) treat business income as personal income.

While there is still much to be determined about the plan, the initial indications are that it is nothing more than a massive tax cut for corporations and wealthy individuals.

Fact check: Steve who? Trump shortchanges a relationship
Bannon is, after all, a staffer - one that Trump , CNN's Sara Murray reports, believes was getting a little too much attention. As tensions have heightened in recent weeks, the Bannon and Kushner camps have devolved into opposing firing squads.

What might be are his state and local taxes, which Rosenthal suspects made up a big chunk of Trump's $17 million of itemized deductions in 2005. One would let parents deduct the average cost of child care in their state, based on their child's age. In big families, this tax exemption can add up.

The contributions would be tax deductible, then grow tax free.

Trump would keep the popular deductions for mortgage interest and charitable giving but eliminate many others, including the deduction for state and local taxes.

Repeal the alternative minimum tax: The AMT is an alternative method of calculating federal income tax that runs parallel to the ordinary method.

This man who loves bullet points proposed radical change to the hideously complicated US tax code in a one-page list of 12 bullet points. "He understands that there are a lot people who work hard and feel like they're not getting ahead". He talks (and tweets) about "jobs, jobs, jobs".

Mnuchin said the plan "will pay for itself with growth", reduced deductions and "closing loopholes".

Schumer said he's not going to let that happen. The impact, according to experts, would be to make federal budget deficits soar, adding as much as $4 trillion to the national debt over the next decade. "By 'additional growth, ' I mean over and beyond what forecasters typically predict", said Alan Cole, an economist at the Tax Foundation.

That's just "magical thinking", says Rose. "So, money for education, for infrastructure, for healthcare for human services, economic development".

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