Thursday, April 27, 2017

LOTS OF INFO: Trump Unveils Sweeping Tax Cut Plan

Treasury Secretary Steven Mnuchin said on Wednesday that President Trump intends to slash the corporate tax rate to 15% and pay for it largely by raising economic growth to 3%.
Cuts in individual tax rates, with the top rate lowered to 35% from 39.6% and a doubling of the standard deduction to $24,000 for couples, would be offset by getting rid of all deductions except those for mortgage interest and charitable giving. That means no more state and local tax deduction, a big deal for high-tax "blue" states such as California and New York.
But JPMorgan Chase analysts see the plan as a "gambit" that will be "virtually impossible to pass" and that is unlikely to spark the growth that the Trump administration desires.
Read the rest of IBD's Jed Graham's op-ed HERE and follow links to more information on the plan below:

Trump to propose large increase in deductions Americans can claim on their taxes

Congressional Republican Leaders Welcome Trump Tax Cut Plan

Mnuchin: Trump’s Tax Plan ‘Biggest Tax Cut’ in U.S. History, Dems Suddenly Concerned About Debt

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