Rich States Growl At Trump Tax Plan

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

Gary Cohn, the director of Trump's National Economic Council, told reporters Wednesday that the higher standard deduction means that fewer people will have to file itemized deductions to reduce their taxable income, which could lead to a simpler tax return.

Let me just say this isn't about President Trump's tax returns.

The estate tax and the alternative minimum tax, which was responsible for most of President Donald Trump's taxes in 2005, would both be abolished. The wealthiest Americans would fall into the lower tax bracket.

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Individuals who inherit more than $5.45 million: With the current system, you can pass on up to $5.45 million without paying an estate tax. Today, the IRS 1040 form has 79 lines and more than 200 pages of instructions. It has set a direction for tax reform. The top income tax rate would be reduced from 39.6 percent to 35 percent. Additionally, the plan would also repeal the 3.8 percent Obamacare tax on dividends and capital gains.

The standard deduction would double from $6,300 to $12,600 for single individuals and from $12,600 to $24,000 for married couples.

The proposal leaves many details undefined and faces a gauntlet of political land mines, but it's a good opening bid by a president who understands that taxes are too high and that the USA economy needs a dramatic jolt.

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"We've got some differences on the rates, but only from the sense that we all want to go as low as we can", Rep. Kevin Brady, R-Texas, said on CNBC's "Squawk Box" Thursday. The plan would eliminate the estate tax, which now applies to individuals with estates of $5.5 million or couples with estates worth $11 million. Parents could use their additional take-home pay for commercial day care if they wish, but could also use it to allow mothers to work part-time instead of full-time, or to save for education.

"This isn't going to be easy", he acknowledged. ("This isn't about me getting caught cheating on you, it's about ...") Mnuchin, having no other good lying methods at hand, used the "about" construction 10 times in his interview on This Morning, 11 times on theTodayshow, and a staggering 22 times on Good Morning America. But we don't know the income levels for those brackets, so we have no idea how that would affect individual taxpayers. Of course, the more lucrative the business, the bigger the savings. "Not a surprise that companies leave trillions of dollars offshore", he said.

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.

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The Trump administration is vowing to bring billions of foreign profits back into the U.S.

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