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How Trump's tax plan would affect households
30 April 2017, 12:06 | Ignacio Smith
"We will be attacked from the left and we will be attacked from the right".
The refusal to release his tax returns during the campaign broke decades-old precedent, and Trump "has no intention" of doing so now, Treasury Secretary Steve Mnuchin said.
That's a departure from what Gary Cohn, Trump's economic adviser, said on Wednesday.
One possible way 401 (k) accounts would differ would be relative to Individual Retirement Accounts, where contributions are made by individuals after they receive income.
It's unclear whether student loan tax breaks and credits would get slashed, but it's also a possibility. Mr. Mnuchin said that the proposal would reduce corporate tax rates from the current 35 percent to 15 percent.
While Congress will likely pass some elements, there isn't much chance President Trump will be able to get all of the items on his tax reform wish list.
White House officials already have said the top corporate tax rate would drop from 35 per cent to 15 per cent under Mr Trump's plan. By that measure, Trump's tax cuts would not be the largest in history, as he has claimed, but rather the third-largest since 1940.
"This tax cut is a massive threat to the incomes of Australian workers". 'He promised to lower taxes for the middle class.
Repealing the 3.8% Obamacare tax on small business owners.
The plan allows Americans to deduct their mortgage interest and charitable givings, but nothing else.
AMP chief economist Shane Oliver has also said that if Australia is unable to compete with the United States tax rate, companies may decide to move their head office from Australia to the US.
The plan would slash corporate taxes and almost double the standard deduction, to $24,000 for married couples. However, a 20% tax rate on net capital gain applies to the extent that a taxpayer's taxable income exceeds the thresholds set for the 39.6% ordinary tax rate ($415,050 for single; $466,950 for married filing jointly or qualifying widow (er); $441,000 for head of household, and $233,475 for married filing separately).
The plan would also eliminate the alternative minimum tax (AMT), which affects high-income individuals and couples, and the estate tax, which affects only about 5,000 tax returns but generates $19.7 billion in taxes.
The plan will "pay for itself" Mnuchin said, through faster economic growth and "reduction of different deductions and loopholes".
So if you're scoring at home, a family of five that now claims the standard deduction will actuallylose deductions under the Trump plan. A big one here would be the elimination of the ability to deduct state and local taxes, a move that could hurt residents of high-tax states such as California and NY. The Congressional Research Service reviewed tax cuts since 1945 and found no evidence they generate economic growth. House Minority Leader Nancy Pelosi, D-California, noted Thursday that the proposal would have lopped more than $30 million off Trump's 2005 income taxes, based on a partial copy of Trump's tax return for that year that was leaked months ago.
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