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

For example, the plan would eliminate the tax deduction we now have for the Wisconsin income taxes we pay.

That change could influence a number of Trump’s businesses, and save the president $10.4 million on business income and $16.6 million on real estate and other income, based on the analysis.

In an appearance on Good Morning America on Thursday, Mnuchin was asked whether the White House’s proposal would result in the middle class paying less.

Ahead of his address, Mr Mitchell told reporters that Mr Trump’s one-page tax plan, as announced, was more of an outline than a plan.

“The taxpayers who really take it on the chin will be those in the same high-income brackets that are now subject to New York’s millionaire tax: single filers with incomes starting at $1 million and married-joint filers earning at least $2 million”, said the report, written by E.J. McMahon, the center’s research director.

Democrats are using the possibility of presidential profits to bash the proposal. A leaked 2005 tax return shows Donald Trump paid out $36.6 million in federal income taxes that year-most of it due to the alternative minimum tax.

A Washington Post analysis of the tax proposal says Trump’s tax plan tries the same thing former presidents Ronald Reagan and George W. Bush attempted over the past four decades.

Last week, Treasury Secretary Steve Mnuchin declared that Trump “has no intention” of releasing his tax returns, which he repeatedly promised to do while running for president but falsely claimed that he couldn’t because he’s being audited.

Trump’s plan has the potential to provide big tax cuts to high-income families – unless you live in a state with high state and local taxes.

We’re going to repeal the death tax.

Trump said that “it’s very unfair” that he was being audited. “Families in this country will also benefit from tax relief to help them with child and dependent care expenses”, he said. And his heirs could eventually enjoy his enormous assets tax-free.

But a top member of Trump’s Cabinet refused to rule out the possibility that the plan would force middle-class Americans to pay more in taxes – a fact that would make this plan politically perilous for any legislator that votes for it. Who benefits? Those who own stock – the richest 10 percent of Americans who own 80 percent of the entire value of the stock market. Owners of “pass-throughs” would be taxed at the new, much lower corporate rate of 15 percent.

Holtz-Eakin says that while he is sympathetic to the Trump Administration’s objective, it is not supported by current economic conditions. Meanwhile, almost 75 percent of Americans think Trump should release his returns - something he repeatedly promised to do during the campaign. Without it, he would have owed just $5.5 million.