White House unveils dramatic plan to overhaul tax code in major test for Trump

President Trump’s call for a dramatic overhaul of the tax code sets in motion his most ambitious legislative initiative to date, testing whether he can cut the deal of his life on an issue that has long bedeviled Washington.

On Wednesday, Trump issued a one-page outline for changes to the tax code, pinpointing numerous changes he would make that would affect almost every American.

He wants to replace the seven income tax brackets with three new ones, cut the corporate tax rate by more than 50 percent, abolish the alternative-minimum tax and estate tax, and create new incentives to simplify filing returns.

But the White House stopped short of answering key questions that could decide the plan’s fate. For example, Trump administration officials didn’t address how much the plan would reduce federal revenue or grow the debt. They also didn’t specify what income levels would trigger inclusion in each of the three new tax brackets.

23 Comments - what are your thoughts?

  • Humble Servant says:

    I believe taxes should be freely given and not taken. This being said the best way to make taxes fare is to allow us to pay them as we spend our hard earned income. We the people should pay our federal and state taxes every time we spend our earnings. The idea that the government takes the amount they deem theirs before we receive it is telling me they figure we are not trustworthy. This is steeling. The way in which they write the tax codes is favoring one class of people over another. We are all the same weather we are rich or poor. We all need to provide for certain securities America provides for us. We do not need to provide taxes for things our government does that is not in the best interest of securing our safety.
    Let them provide us with a single tax on everything we spend our earnings on.

    I would pay a state tax and a federal tax on a burger and fry or a new car the same.Our state can live on a sales tax and property tax so too can the federal government.

    Could you imaging buying a pair of shoes for you kids at $50 and giving the cashier 5% state tax, 5% federal tax and 2% FICA. This would be $6 of taxes on this purchase, but you would have received your entire check on payday. If you make $20/hr and you work a standard 40hr/wk your check would be $800 gross. Today your taxes would have removed $200 from your check before you received it. That happens to be 25% of your income for that week.

    Make this new tax fare to all because anything else is just playing games with our earned efforts. Treat us all fare….

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  • bobnstuff says:

    How is Trump planning to pay for all those things he promised without tax dollars? This isn’t like Atlantic City where you can go bankrupt over and over again. Even Reagan had to raise taxes before it was all over and Trump list, you can’t call it a plan, is bigger them Reagans cuts. He has already made plans for the money he wants to take from the poor, the arts and science. Either you tax and spend our you don’t tax and cut spending. You shouldn’t spend money you don’t have. One fact history tells us, cutting taxes on the rich does not create jobs, never has and never will. The big problem here is the fact that Trump still hasn’t created a true tax overhaul plan, just an outline. The devil is in the details and we get no real details here.

    1. gvette says:

      Hey Bob, the top 20% of earners pay 84% of all the income taxes. The rest usually get most of theirs back. Now, one of the things Trump wants, is to lower our corporate tax rate. You do know that the US has the third highest rate in the world, don’t you. Then remember your hero, Billy boy opened the flood gates for industry to leave with NAFTA. As of now, the federal government is getting more money then ever. With more industrys back here, there will be even more people paying income taxes.

      1. bobnstuff says:

        The top 1% pays less then the next 19%. As far as our corporate tax rate it’s higher for some then others. Lower it to the 25% other countries pay and make all corporations pay the 25% instead of some of the biggest and most profitable paying zero. As far as NAFTA it has increased our exports to Mexico by 500% and has taken jobs from China and sent them to Mexico. You also are under the misconception that we manufacture less in the US today but our manufacturing is at the highest point in history and has been going up every year for a very long time. We manufacture just 1% less the China and do it with one sixth the workforce. If you want to see who really took those jobs go look at the robots in the factories. A good example is the Pittsburgh Brewing Company. It once took three hundred people to run the plant. Now they have moved into a new plant that takes just seven people to produce the same product. Those high paying manufacturing jobs are gone for good. I’m not sure that $21 per hour is all that high anyways. Before you give Bill Clinton to much credit for NAFTA you should read it’s history and give the credit where it’s due.

        1. gvette says:

          Really. The corporate rate is pretty much the same for all. And If you remember back, after Billy signed it, industry went there in a hurry, and when you check, you’ll find Mexico lowered the exchange rate of their money, to attract business. Maybe Reagan wanted it, but Billy made it come true.
          You’ll notice industry IS coming back, or wants to, but you don’t get that in your liberal news rags.

          1. bobnstuff says:

            In fact Bush 41 made it come true and he signed the rough draft. Also we had a 20 million job gain under Clinton if you check BLS numbers. If you think it corporate rate is much the same for all explain why Exxon Mobil pays not taxes.

          2. gvette says:

            Pays not taxes. Please Bob. Anyway, they pay accountants, and tax attorneys lots of money to take advantage of everything in IRS tax code.
            As for job creation, lets look at something a little closer to this day, and age. Under Obama, the workforce was the lowest it had been, since back in the seventys. Please don’t confuse unemployment rate, and worker participation as the same thing.

          3. bobnstuff says:

            There are more people employed today in the US then at any point in history. You do know that we have 153 million people working in the US. The job numbers took a dip in 2008 and 2009 but has recovered and grown since. Don’t confuse worker participation with size of the work force and the number of people employed.
            As far as major companies paying no taxes it makes no difference how they do it the fact is they pay no taxes.

          4. gvette says:

            When Obama took office in January 2009, shortly before the recession ended, the labor force participation rate was 65.7 percent. The following month, it reached an Obama-era high of 65.8 percent, and then it began its seven-year downward spiral, hitting 62.4 percent in September 2015, its lowest point since 1977.

          5. bobnstuff says:

            You are confusing percent with actual numbers. If you look at the link you will see that our workforce has increased every year and the number of people employed took a dip. The number of employed people has been going up. Look at the numbers. In 1978 we had a workforce of 100 million and 94 million jobs for a unemployment rate of 6.4% today we have 160 million workforce with 153 million jobs or a 4,5% unemployment rate. My statement of the largest number of employed people in history stands as fact.

          6. gvette says:

            Bob, you are going by unemployment numbers. Your nigger was famous for that. That’s why you like it.

          7. bobnstuff says:

            That goes by employment numbers which are the same no matter who is president. As the anti Obama movement likes to play with numbers to sell you on how bad things are. Job growth has been steady for the last 8 years and the number of people in the workforce has been going up for the last 25 years no matter who is the president. You have bought into a attempt to mislead people and to sell you on giving more money to those that already have more then enough. As I have said we have 153 million people working today which is the largest number in history.

          8. gvette says:

            You still go by unemployment numbers Bob. I gave you fact. Like the rest of your ilk, you don’t like them.
            I looked at that crap you put up. One was broken, by the way. They get their numbers from the unemployment office!

          9. bobnstuff says:

            In fact they do not get there numbers from the unemployment office. The have a survey of businesses for the employment numbers. They get a lot more numbers then just unemployment.
            You really need to educate yourself so you won’t be fool by people. Just so you know the unemployment offices are not run by the federal government and each state does their own thing. The only number that comes from the employment office is the new application for unemployment numbers.

            As I keep pointing out though we have more jobs today then at any time in history. The years that NFTA went into effect there was job growth in this country and we have increased manufacturing in this country every single year. We are the largest economy on and the second largest manufacturing nation on earth. Since NAFTA we have added 32 million jobs.

          10. gvette says:

            97 million people out of work, and you think 32 million is a big deal. That’s the common core math they teach you DemonRATS.

          11. bobnstuff says:

            Of those out of work how many are over 65 or in school or in prison? How many want a job? You do understand that there is also a record number of job openings going unfilled. Ask any HR person what it’s like to find people that have no criminal record and can pass a drug test. Face it the world isn’t as dark as you have been lead to believe. Because of the number of jobs out there the lower paying ones are the hardest to fill. Walmart has had to raise it’s starting pay and is installing self check out because the just can’t get workers. Don’t even ask someone in the skills about finding employees. If you are a finish plaster you can almost name your price. Good mud men are few these days. Also the labor partition rate is about 5% lower the at it’s peak. Not that great a difference and the unemployment rate was also still high..

          12. gvette says:

            Things are getting brighter every day, now that we have some that is better at getting government out of the way for manufacturing. Here’s another fact you won’t like.

            Following today’s extremely disappointing US GDP growth data, we have the final nail in the coffin of President Obama’s economic reign. Not only is the average annual growth rate of just 1.48% during Obama’s business cycle the weakest of any expansion since at least 1949, he has just become the only President to have not had even one year of 3% GDP growth.

            An average annual GDP growth of 1.48% during Obama’s two terms…
            I know how you hate facts about your ne-gro.
            I lied, here’s another one.
            More recently, a new study by the American Action Forum (AAF), titled “600 Major Regulations,” revealed in just six years in office, President Barack Obama had imposed more major regulations—regulations having an economic impact of $100 million or more on the economy— than President George W. Bush did in eight years. According to AAF, the Obama administration issued a record-breaking 600 major regulations, imposing a combined economic burden on the economy of at least $743 billion, which is larger than the gross domestic product (GDP) of Israel and Norway combined and amounts to $2,294 in regulatory costs on every person in the United States.

          13. bobnstuff says:

            Funny thing about regulations costing companies money, that money goes into the economy the same as any other business expense. So in fact the increase the economy by $743 billion. How many jobs does $743 billion create? It’s kind of like the effect a 20% tariff would have on things except those tariffs don’t create any jobs. Sounds like a lot of money except it’s small change when you compare it to the economy of $17.710 trillion.

          14. gvette says:

            Bob, you read that wrong. They cost people that kind of money. Please pay attention.
            End of another day.It’s been fun. Enjoy your evening!

          15. bobnstuff says:

            I read it correctly The regulations made businesses hire people to comply with the regulations. That money went out into the economy. Those new employees spent that money and in turn it created even more jobs. Here is another funny thing the companies that got the regulations don’t want most of them removed. Yes it’s been fun, you have a good evening also.

          16. gvette says:

            imposing a combined economic burden on the economy of at least $743 billion,

          17. gvette says:

            Have a great evening, Bob. We’ll do this again!! Always fun.

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