The Trump Tax Reform package was announced today:
Trump Calls for Deep Cuts in Business Taxes, Changes for Individuals: Broad package seeks to spark sustained 3% economic growth; Democrats hint at objections
The plan doesn’t eliminate the exemptions for home-mortgage interest and charitable contributions. The two deductions are among the most popular for individual U.S. taxpayers, making them two of the most costly for the federal government.
Mr. Trump is also proposing a 35% top tax rate for individuals, down from today’s 39.6% rate but above the 33% rate he backed during the campaign. Lower brackets would be set at 10% and 25%, The standard deduction for all individuals would be doubled, but all other deductions, except mortgage interest and charity, would be eliminated.
The corporate tax rate would drop to 15% from 35%, and U.S. companies would owe little or no U.S. tax on their future foreign profits. The tax rate on business income reported on individual returns would also drop to 15% instead of being taxed at individual tax rates.
Now we wait and see if it passes.
There might be movement on the new GOP plan to repeal and replace Obamacare
“While the revised version still does not fully repeal Obamacare, we are prepared to support it to keep our promise to the American people to lower healthcare costs,” the Freedom Caucus said in a statement.
“We look forward to working with our Senate colleagues to improve the bill. Our work will continue until we fully repeal Obamacare.”
The MacArthur-Meadows amendment lets states apply for waivers from ObamaCare provisions that ban insurers from charging sick people higher premiums and mandate minimum insurance coverage requirements, as long as the state offers high-risk pools as an alternative.
We’ll have Dr. Betsy McCaughey as a guest tonight, Wednesday 4/26, to discuss the new replacement plan.