re: Trump Tax Plan Thread - Stream is over (Cliff's in OP)

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WASHINGTON — President Trump on Wednesday proposed sharp reductions in both individual and corporate income tax rates, reducing the number of individual income tax brackets to three — 10 percent, 25 percent and 35 percent — and easing the tax burden on most Americans, including the rich.

The Trump administration would double the standard deduction, essentially eliminating taxes on the first $24,000 of a couple’s earnings. It also called for the elimination of most itemized tax deductions but would leave in place the popular deductions for mortgage interest and charitable contributions. The estate tax and the alternative minimum tax, which Mr. Trump has railed against for years, would be repealed under his plan.

As expected, the White House did not include in its plan the border adjustment tax on imports that was prized by House Republicans. However, it did express broad support for switching to a so-called territorial tax system that would exempt company earnings abroad from taxation but would encourage companies to maintain their headquarters in the United States.

The plan would include a special one-time tax to entice companies to repatriate cash that they are parking overseas.

LINK

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Exact Repatriation Rate has yet to be determined

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why remove all the deductions?

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Didn't. Mortgage and charitable deductions.

So one time tax in overseas profits but no move to a territorial system? frick that.

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Don't even have the brackets set up.

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He's using that and the repatriation rate as negotiating points with Congress.

Sounds like im about to take it up the arse even more for being a single white guy making over 75k...

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The Trump administration would double the standard deduction, essentially eliminating taxes on the first $24,000 of a couple’s earnings

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so it will be 12k for singles, im assuming?

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why remove all the deductions?

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They aren't planning to, but simplicity is an answer to why many deductions will go away. Coming from the left, you can also think of it as making it more fair since the complaint has always been that deductions disproportionately benefited the rich.

here is basic cliffs verbatim for the OP

-3% or higher GDP
-massive tax cuts
-tax reform
-regulatory relief
-renegotiating trade deals.

Asking for Trump's tax return again. Mnuchin might have gaffed there by starting the response with, "The president has no intention..."