Gillibrand: Trump tax reform plan 'cruel joke'

Donald Trump wants to slash corporate tax to 20

Donald Trump wants to slash corporate tax to 20 per cent

And only about a third of Republicans (36%) say tax rates on household incomes above $250,000 should be reduced; almost as many (33%) say they should be kept as they are and 26% want them raised.

President Donald Trump said Friday that the centerpiece of his plan to help American businesses and workers "thrive, compete and grow" is a "giant, beautiful, massive, the biggest ever in our country, tax cut".

Cuomo said he might sue. I literally mean the Cost of Goods Sold, which means everything from the cost of materials to labor that goes into selling anything. "And I would challenge it as double taxation". And if he were to borrow the money, the increased debt levels would likely drive up borrowing costs on everything from vehicle loans to mortgages, which would also hurt the middle class.

"This legislation contains a number of commonsense and long overdue reforms to our tax code", said Dean Zerbe, alliantgroup National Managing Director and the former Senior Counsel to the U.S. Senate Finance Committee.

"It would disrupt the state's tax base in some way", said McMahon.

That leaves spending cuts and borrowing to pay for a large tax giveaway to the wealthy - both of which would come at the expense of the middle class, a group Trump promised to protect. The plan would double the standard deduction to $24,000 for married joint filers and $12,000 for single filers.

While Trump falsely claimed its repeal will "protect millions of small businesses and the American farmer", the reality is that these small firms do not have to pay the estate tax. State and local taxes have been deductible since 1913. First, he looked at numbers downstate, where salaries are higher and the cost of living is higher.

The SALT deduction has been around since the Sixteenth Amendment to the U.S. Constitution was ratified in 1913, giving Congress the right to tax incomes. That is if the family is allowed to keep their mortgage and charitable deductions in their current form.

Whatever lobbying struggles lie ahead, mainstream energy organizations set aside legislative rivalries yesterday to offer early support for the tax framework announced by the president and Republican tax committee chiefs.

Hear the story from Capital Correspondent Karen DeWitt. Households making more than about $900,000 a year would see their taxes drop by more than $200,000 on average. So does veteran GOP consultant Bruce Bartlett, who, in his own words, helped create "the Republican tax myth".

And there are other variables.

Indeed, the framework calls for setting up three individual income tax rates, topping out at 35 percent instead of the current 39.6 percent.

McMahon also ran the numbers for a typical upstate middle class family, choosing the Albany suburb of Latham, where the median income is around $83,000. If his children inherit that amount, they would save $1.4bn in taxes. But if they don't have children in the household, they might save only $450.00.

"We think that is going to help bring more investment and more income back to the USA rather than keeping it offshore, and it will help level the playing field for our companies so they can better compete with foreign companies that already have that kind of tax treatment", the official said.

"There's every reason to be very suspicious", said DiNapoli who said there would be a "shift of resources" away from "blue states" like NY to other states.

Keep in mind that this plan, for now, is still in its "framework" form, so calculating precisely how much any specific individual or corporation or organization would stand to gain or lose under the hypothetical new regime is, at best, a speculative exercise.

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