Author Topic: White House Unveils ‘Biggest Tax Cut’ in History  (Read 348 times)

Offline walkstall

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White House Unveils ‘Biggest Tax Cut’ in History
« on: April 26, 2017, 02:35:10 PM »
I will moving this to Financial in less then 24hrs. 

White House officials on Wednesday unveiled a dramatic new tax reform plan that Treasury Secretary Steven Mnuchin is calling "the biggest tax cut" in history aimed at jump starting small businesses and putting more money in the pockets of middle-class Americans.

Mnuchin and National Economic Council Director Gary Cohn laid out a "broad brush overview" of the plan to reporters, cautioning that they are still negotiating many of the details with members of Congress.

"What this is about is creating jobs and creating economic growth. And that's why massive tax cuts and massive tax reform and simplifying the system is what we're going to do," Mnuchin told reporters in the White House briefing room.

The pair stressed that the proposal was not aimed solely at aiding the wealthy, despite lowering rates for top earners. President Donald Trump's proposal would lower the top income tax rate from 39.6 percent to 35 percent, along with simplifying seven tax brackets down to three — 10, 25, and 35 percent, Cohn said.


more @
http://www.nbcnews.com/politics/politics-news/mnuchin-white-house-unveil-biggest-tax-cut-history-n751316
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Offline ldub23

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Re: White House Unveils ‘Biggest Tax Cut’ in History
« Reply #1 on: April 26, 2017, 05:00:37 PM »
Sounds like a good  plan.

Offline walkstall

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Re: White House Unveils ‘Biggest Tax Cut’ in History
« Reply #2 on: April 26, 2017, 06:13:43 PM »
Sounds like a good  plan.


Only time will tell. 
A politician thinks of the next election. A statesman, of the next generation.- James Freeman Clarke

Politics is supposed to be the second-oldest profession.  I have come to realize that it bears a very close resemblance to the first.  ~ Ronald Reagan ~

Always remember "Feelings Aren't Facts."

Offline topside

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Re: White House Unveils ‘Biggest Tax Cut’ in History
« Reply #3 on: April 26, 2017, 06:23:57 PM »

Only time will tell.

The devil's in the details - I hope they aren't suggesting to make all these changes at once as it's too big of a step. For it to be budget-neutral (income generated from cutting the taxes is at least equal to the loss in taxes), we are counting on economic growth. Any logical person that was making a shift like this would make priorities that suggest the biggest or most direct payoffs and then implement those, check the results, then adjust or do more if the results warrant. But such a big bang will ripple the system too much and the risks are high. A roll-out with reviews every six-months (or something like that) would be a much more believable plan. Maybe, when the details come, it will make more sense ... I hope. I'm all for cutting taxes ... but we have to keep the economy stable too which includes our deficit.

Offline supsalemgr

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Re: White House Unveils ‘Biggest Tax Cut’ in History
« Reply #4 on: April 27, 2017, 04:36:10 AM »
The devil's in the details - I hope they aren't suggesting to make all these changes at once as it's too big of a step. For it to be budget-neutral (income generated from cutting the taxes is at least equal to the loss in taxes), we are counting on economic growth. Any logical person that was making a shift like this would make priorities that suggest the biggest or most direct payoffs and then implement those, check the results, then adjust or do more if the results warrant. But such a big bang will ripple the system too much and the risks are high. A roll-out with reviews every six-months (or something like that) would be a much more believable plan. Maybe, when the details come, it will make more sense ... I hope. I'm all for cutting taxes ... but we have to keep the economy stable too which includes our deficit.

It is way too early to make a judgement on the plan. We do not know what the income levels are for the three individual brackets as one example. The plan seems to nail libs in high local tax states as those will no longer be deductible on federal returns. The corporate tax cuts should help GDP.
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