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Trump tax plan is heavy on cuts but light on details
27 April 2017, 04:02 | Kelvin Horton
What's more, some privately held large companies - including Trump's own real estate empire - are structured as pass-throughs and would benefit, too.
Studies of the results of past tax holidays found that most of the offshore cash brought home by United States companies was used to buy back shares or make acquisitions, not to fund investments in production capacity or jobs.
"President Trump was serious when he proposed this wealth tax nearly 20 years ago", Vargas' statement read. "If you believe in magic, unicorns or Batman, this plan is for you". It's an attempt to paint Trump as bipartisan in trying to get Democrats on board since those are measures they'd likely have some measure of support for - although the details are always what matter.
"This plan will be roundly rejected by taxpayers of all political stripes", Schumer said. "It is time for them to listen to the people and make serious changes that will benefit small businesses and middle class families", Edwards said.
The Democrats attacked the plan as being "fiscally irresponsible". "No estate tax, cut in capital gains and cut in top rate?" It could mean doing away with popular deductions like the home mortgage deduction, something that back in December Mnuchin said Trump's plan would scale back.
"I advised him not to", Ruffin said.
Mnuchin said no tax rate has been set yet on the repatriated money earned by US companies overseas, but that he is working with lawmakers to determine what it should be. Trump's Treasury secretary said this plan would seek to simplify the tax code by allowing people to fill out their taxes on a "large postcard".
Under Trump's proposals, American companies would move from being the most highly taxed among the Group of 20 countries to among the lowest.
The candidate promised "the biggest tax revolution since the Reagan tax reform, which unleashed years of continued economic growth and job creation".
Mnuchin expressed hope that the plan could win support from some Democrats in Congress, saying, "this is all about middle-income tax cuts and putting people back to work and making business competitive, so we hope that there are Democrats that cross the aisle and support this". "The rich will pay their fair share", he said, "but no one will pay so much that it destroys jobs, or undermines our ability to compete".
The current system cries out for reform. The 54-year-old Treasury chief spent the past few weeks laying the groundwork for the administration's tax policy, including discussing the proposals in an interview with International Monetary Fund Managing Director Christine Lagarde at the fund's spring meetings this month.
White House officials laid out a broad outline for changing the USA tax code, including incentives that they said would encourage multinational companies to repatriate cash parked overseas.
But there would be no more deductions for property or sales taxes.
White House officials already said the top corporate tax rate would be reduced from 35 percent to 15 percent. But Trump appears to want no part of that. The White House is not on board with the proposal, but the administration expressed broad support for switching to a "territorial tax system" that would exempt company earnings overseas from taxation, while encouraging companies to maintain their headquarters in the United States.
Still, the proposal could reduce the tax burden for the wealthy by substantial amounts, including by eliminating the catch-all alternative minimum tax, which takes an additional bite out of high-income taxpayers. Currently, the IRS offers 199 individual income tax forms and 235 business tax return forms.
"Regretfully we don't expect to have any Democratic involvement in" a tax overhaul, McConnell said. Others could decide to do the opposite, and work more for more money and less taxes.
Married couples who file jointly, under the proposal, would not owe income taxes on on the first $24,000 of their earnings. That may be only a starting point for negotiations, but a tax rate even in the 25 percent range would mean fatter after-tax profits for companies, which could propel their stock prices even further.
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