The fact that even some Republicans are zeroing in on certain parts of the plan should give the White House pause.
The vague outline of a "tax-cut plan" that the Trump administration unveiled Wednesday was meant to provide an illusion of achievement on the 97th day of Donald Trump's presidency. It was one thing to cut tax rates without much concern for deficits when the ratio of national debt to GDP was 30 percent, as it was in 1981.
The plan would also eliminate the inheritance tax, which is now taxed at the federal level only when estates are larger than $5.4 million per individual. Average American's taxes won't go as far as more of what we pay goes to interest on the federal debt. New York Democrats have hatched a plan in Albany to get a look at President Donald Trump's tax records by crafting a piece of specific legislation that does everything but mention him by name.
That is, of course, the premise of the Laffer Curve, brainchild of Arthur Laffer, father of supply-side economics, who convinced President Reagan of the wisdom of massive tax cuts more than a generation ago.
President Trump spoke with 3 courageous American astronauts, 2 joined him live from orbit around the International Space Station.
Trump economic adviser Gary Cohn says the plan will cut taxes for the American people, especially low- and middle-income families. He said, "The president's view on this has been very clear" and " the American people understood it " when they elected him.
These are the 1 percenters, people like Trump who make millions a year and are worth even more. "That's likely to induce many more affected New Yorkers to reconsider their residency status", he said.
The plan would also reduce the number of tax brackets for individuals, dividing Americans into groups that are assessed either 10, 25 or 35 percent.
An early analysis by the nonpartisan Committee for a Responsible Federal Budget estimates federal revenue would probably drop $5.5 trillion over a decade under the Trump plan, shy of Reagan's record-breaker. He and other administration officials left the room as reporters shouted questions about how the plan would affect the Trump family. "There will be much less of a tax cut in higher-income, higher-tax states", he told The Post.
'There is absolutely no factual basis for the assertion that cutting corporate tax rates causes growth to increase'.
Effectively, we'd borrow from China or other countries to finance huge tax breaks for Trump and his minions. The real estate magnate might save millions of dollars in his personal taxes because of the changes. Ron Wyden, or OR, ranking Democrat on the Finance Committee.
But the proposal also would eliminate the practice of deducting state income taxes and local property taxes from federal income taxes, and that could harm taxpayers in states with high local taxes, like NY.
"It's not the federal government's job to be subsidizing the states", said Treasury Secretary Steve Mnuchin. The median US household income is slightly above $50,000 annually. If individuals declare themselves "pass-through entities", under this plan, they can be taxed at the corporate tax rate.