Trump tax plan stands to benefit the man in the White House

Here’s a guide to what is (and isn’t) in the plan.

What are the objective for individual taxpayer reform? The plan specifically preserves those. Additionally, as the New York Times points out, high-income earners would save even more because the plan wants to get rid of a 3.8% tax that’s used to fund the Affordable Care Act. The standard deduction in 2017 is now $12,700 for joint filers and $6,350 for single filers. As a reminder, an nearly identical plan from the campaign would reduce federal revenues by $6.2 trillion, according to the Tax Policy Center.

The proposal from President Donald Trump’s administration to cut the tax rate on partnerships and limited liability companies could set off a stampede of individual taxpayers trying to reclassify themselves as so-called pass-through businesses to take advantage of the savings, tax experts say.

Doubling the standard deduction – or at least raising it to $24,000 – could provide significant tax relief to middle-income families.

“I’m not having fun”, Mr. Trump said of his golf trips, claiming he only golfs to conduct business, such as meetings with foreign dignitaries.

Major corporations: The corporate tax rate cut is a huge one. As a result, eliminating the inheritance tax could possibly produce an enormous windfall for his heirs. It has evolved over the years and now impacts about 5 million households, majority making between $200,000 and $1 million a year. A repeal likely would affect only people who expect to inherit large estates.

Earlier this month, tens of thousands of people had marched in more than 150 cities across the country to demand Trump release his tax returns. Couples with combined incomes above $250,000 could get a reprieve here.

“In order for a corporate income tax cut to 15 percent to be self-financing, it would have to raise the level of growth to 2.8 percent on average”, he said.

The study was based on how much federal funding states receive compared to state revenue, share of federal jobs and how much Kentuckians pay in federal income taxes. So far, however, there are no specifics as to how income ranges are broken down among the brackets.

“They’ve all made pledges to us to bring money back”, said the director of the White House National Economic Council Gary Cohn in an interview with the FOX Business Network’s Maria Bartiromo.

Mnuchin said he feels confident that the administration has Republicans in Congress on board with the proposal in place, saying “the good news is conceptually we all agree on the plan and we’re committed to work out the details together”.