Rep. Thompson on meeting Trump on tax reform

Sep 28, 2017, 00:12
Rep. Thompson on meeting Trump on tax reform

With Senate Republicans' last-ditch attempt at health care reform dead, the GOP is pivoting to another policy arena in which it hopes to find more success.

The so-called Big Six is expected to release an outline for a tax overhaul sometime this week, perhaps on Wednesday.

But the White House is leaving numerous details to the House Ways and Means Committee and the Senate Finance Committee.

"On the individual side, the first thing we're doing is we're creating a larger zero tax bracket", the official said. But it's anyone's guess who will pay those rates.

The poll, sponsored by a nonprofit outside group aligned with House Speaker Paul Ryan, found that almost three-fourths of voters consider tax reform an important priority for lawmakers, with 43 percent calling it a top priority.

For businesses, the plan would cut the tax rate from 35 percent to 20 percent and would allow companies to write off capital spending for at least five years.

Within moments of Trump's remarks, reports emerged that the Republican proposal will raise the standard individual deduction to $12,000 from its current rate of $6,350, and the deduction for a married couple to $24,000, up from $12,700.

Many individual deductions also would be eliminated in an effort to simplify the tax code.

CNN obtained a copy Wednesday of a Republican framework for tax reform that has been in the works for months and will finally be presented Wednesday.

The plan also repeals the estate tax, sometimes referred to as the inheritance or death tax, a tax levied on property transferred from a deceased person to his or her heirs.

Perhaps the most major yet murky shift on the business side is the move from a worldwide tax system to a territorial tax system.

That's partly because lawmakers are also discussing a tax cut for "pass-through" businesses: those which don't pay taxes themselves, but pass their earnings to owners, who then pay tax at their individual rates.

Almost 90 percent of Americans want an overhaul of the tax code - and a simplification in the process, a new poll showed. The proposal also includes a few compromises around divisive issues where the White House, lawmakers and tax groups have clashed. "It will replace the existing, outdated worldwide tax system with a 100 percent exemption for dividends from foreign subsidiaries (in which the USA parent owns at least a 10 percent stake)". Such changes would significantly slash taxes for the top 1 percent of earners, according to Bloomberg.

GOP leaders, including House Speaker Paul Ryan, R-Wis., have said it is impossible to cut the corporate rate to 15 percent without adding too much money to the federal debt. "With significant and meaningful tax reform and relief, we will create a fairer system that levels the playing field and extends economic opportunities to American workers, small businesses, and middle-income families".

As first reported by Breitbart News, the plan would impose a one-time tax on foreign earnings now held overseas by USA multinational corporations.

As part of the transition to this territorial system, profits already overseas will have a onetime tax on those profits.

YOU MIGHT ALSO LIKE
  • Apple's iPhone 8: Here's how much it really costs to build

    Plus, as long as the iPhone retains its tech je ne sais quois, you'll be paying a zeitgeist premium for it. It is important to note that the TrueDepth camera is the most unique camera featured on any phones.
    JioPhone deliveries have started; here's how to check status of your booking

    JioPhone deliveries have started; here's how to check status of your booking

    The phone will also come pre-loaded with various Jio apps including the ones for messaging and entertainment. On August 24, pre-booking of the JioPhone started against payment of a refundable deposit of Rs 500.
    Caitlyn Jenner Just Confirmed That Kylie Jenner Is Pregnant

    Caitlyn Jenner Just Confirmed That Kylie Jenner Is Pregnant

    Sources told the magazine that "Spending time with other people's kids is obviously completely different than being a mom 24/7". Between spending lots of time with her nieces and nephews, and being around Tyga's son, she claimed she was ready'.
  • See how this Cubs player reacts to destroying a Cardinals fan's food

    See how this Cubs player reacts to destroying a Cardinals fan's food

    Monday's 10-2 Chicago win put the enemy one step closer to their goal and the Cards one closer to finalizing fishing trips. Russell did the fan a solid , though, bringing him a new tray of nachos and posed for a selfie.
    London underground fire blamed on cellphone battery

    London underground fire blamed on cellphone battery

    According to reports, the charger became overheated, resulting into minor explosion and flames. Another witness, Murtaza Ali Shah, said terrified passengers fled the station in a stampede.
    Labour promises law to cap credit card debts

    Labour promises law to cap credit card debts

    He claimed a lot of the profits from PFI deals was going to shareholders - many of whom were based in offshore tax havens.
  • Japan: PM Abe expected to call snap election amid criticism by opposition

    Japan: PM Abe expected to call snap election amid criticism by opposition

    A number of prominent LDP and Democratic Party members have said that they will switch to the new movement. He said his goal is for the ruling party to take over half of the seats of the lower house of parliament.
    New Earthquake in Mexico

    New Earthquake in Mexico

    In total, the 7-year-old has detected the bodies of 52 people throughout her career, 12 of whom are still alive. Morelos state accounted for 73, Puebla for 45, Mexico State for 13, Guerrero for six and Oaxaca for one.
    Iran 'successfully' launches ballistic missile

    Iran 'successfully' launches ballistic missile

    What's new, he said, is that Iran says its ballistic missiles can carry multiple warheads and maybe several cluster bombs. The nuclear agreement reached during the Obama administration doesn't strictly prohibit Iran from developing missiles.
  • Here's What Uber CEO Dara Khosrowshahi Said in Response to London Ban

    Here's What Uber CEO Dara Khosrowshahi Said in Response to London Ban

    Uber's new CEO Dara Khosrowshahi has apologised for "mistakes we've made" and accepted that the company must make changes. However, his register of interests show he remains a member of the GMB - the union that represents many taxi drivers.
    LeBron James Just Dunked On Donald Trump Again

    LeBron James Just Dunked On Donald Trump Again

    No matter the shape, size, weight, ethnicity, religion or whatever - people find teams, players and colours because of sport. Jane Timken, chair of the Ohio Republican Party, did not return a voicemail seeking comment.
    Ghana 4 - 1 Nigeria...Stars Win WAFU 2017 Tournament

    Ghana 4 - 1 Nigeria...Stars Win WAFU 2017 Tournament

    Ghana will play Nigeria on Sunday 23rd September, 2017 and kick off is 18: 00 GMT for the finals of the WAFU Cup 2017. Ezenwa , who did not concede any goal before the final game, was awarded the best goalkeeper award.
popular