Republicans unveil almost $6 trillion tax cut

03 October, 2017, 03:55 | Author: Anita Tucker
  • Dem senator GOP tax plan is 'far-right Republican scheme' for wealthy

Employers are expressing optimism about provisions such as immediate and full expensing of business investments, a reduction of the corporate tax rate from 35 percent to 20 percent, and a new "pass-through" business tax rate of 25 percent.

President Donald Trump tweeted Wednesday morning, hours before the announcement of the latest Republican tax proposal, that "virtually no President has accomplished what we have accomplished in the first 9 months". It also calls for enabling taxpayers to file taxes on a postcard by eliminating most itemized deductions. "If it raises taxes on the middle class, it's political poison". A family of four would receive a greater benefit from today's standard deduction and personal exemptions than the flat standard deduction under the GOP plan.

American companies have hoarded about $1.3 trillion of cash overseas, where it's not subject to US taxes, according to Moody's. Rates on profits USA companies earn overseas are unfairly high and unproductive. It's not just Silicon Valley though.

The ambitious tax plan would lower rates for businesses and tax plans, and Trump is promising Americans it will be the biggest tax cut ever.

"The biggest winners will be everyday working families, as jobs start pouring into our country", Trump said. In reality, much of that money will likely go to investors in the form of dividends and share buybacks. "We have to remember that debt is a tax on future generations, and so we talk about the immediate benefits, but also we have to recognize - if this added to the debt signfiantly, we are simply transferring a tax to future generations". Financials account for 25 percent of the tax expenses of the broad S&P 1500, according to KBW Research. Their after-tax income would jump 10%.

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Banks also stand to gain in other ways, too.

Sen. Mike Enzi, R-Wyo., chairman of the budget panel, said in a statement that the draft budget is "the first important step in providing Congress with the tools it needs to enact tax reform that will grow America's economy and strengthen hardworking families and small businesses".

There would be at least one definite set of losers: Taxes of lower-earning families with kids would clearly rise - dramatically so in the case of larger families.

"They'll get a tax cut".

"Banks touch all the bases", said Art Hogan, chief market strategist at Wunderlich Securities. That includes about 13.5% of middle income filers, who would pay an average of $1,000 more. Under current law, the first $11 million of an estate is not taxed for a married couple, so it only applies to the wealthiest taxpayers. By contrast, he said that 115 companies paid less than 15 percent, including 42 that got money back.

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Republicans believe they will offset that lost revenue with increased economic growth prompted by the tax plan. Todd Young and U.S. Reps. The index has nearly quadrupled the September gains of the more international-focused S&P 500.

Streamline the tax filing process to a single sheet of paper for most Americans. Due to their size, even just subtle improvements to the cash flows of smaller companies can have a big impact. Two of the most popular deductions are explicitly being retained - for mortgage interest payments and charitable contributions.

Third, the plan would end the estate tax, which would be a brazen giveaway to wealthy heirs. That would be bad news for homebuilder stocks.

President Donald Trump released his weekly address on Friday 9/29/17.

Of course, more negotiations are needed on the tax plan.

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But Hogan is betting it gets done, eventually. "They desperately want a victory", he said.

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