Economy

A Big, But Fixable, Problem with the GOP Tax Framework

A Big, But Fixable, Problem with the GOP Tax Framework”

"Having these groups working so well together is a significant step forward towards our goal". The blueprint released Wednesday intentionally left numerous toughest decisions for Congress to resolve so as to delay an inevitable barrage of criticism and lobbying from lawmakers, business groups and other special interests looking to defend specific tax breaks. Going into the House and Senate negotiations, the central issues are agreed to; they're going to take the corporate rate from 35% down to 20%.

Allows full expensing for short-lived capital investment, such as equipment and machinery, for at least five years.

"We need a tax system that puts American manufacturing on a level playing field with the rest of the world", asserted Bailey. And the ultimate cost of our high corporate tax rate doesn't fully fall on business.

Thompson said he will only support plan that is bipartisan, revenue-neutral, and "built from the middle class out".

"I am doing the right thing, and it's not good for me", Trump said of his plan.

The standard deduction would increase from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married taxpayers. The highest tax bracket would drop from 39.5% to 35%, with the two other brackets being 12% and 25%. It determines how much middle-class tax relief the plan offers, and whether the plan has a pro-family element.

Advocates for school choice, including the American Federation for Children (the group DeVos formerly led), remain hopeful that such tax credits will be included.

Eliminates the alternative minimum tax. Calls for preserving the mortgage interest deduction and charitable deduction.

Moves to a territorial tax system, in which foreign-source profits of USA companies are not generally subject to US tax upon repatriation.

"American companies that are competing overseas are competing against foreign companies that have territorial systems so this is a really big way that we're leveling the playing field for American companies, shifting from a worldwide system to a territorial system", the official said.

Coonan said, "I don't think this administration is afraid to go to Democrats for help".

According to the official, the plan is not projected to add to the deficit, after accounting for the elimination of tax breaks, the base broadening, and increase in economic growth.



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