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How Donald Trump's U.S. tax cuts could impact Australia

How Donald Trump's U.S. tax cuts could impact Australia

This year, about 5,200 estates will pay the tax, according to the Tax Policy Center.Trump also wants to reduce the top income tax rate from 39.6 percent to 35 percent. Finally, pass-through businesses, including many small companies, would get a 15-percent tax rate. But especially on the business side, Trump's plan lacks numerous details needed to make the numbers work. The data came from S&P Capital IQ and is based on SEC filings. Trump officials essentially argue that benefits from the tax cuts will trickle down from higher profits for companies into stronger pay raises for workers and greater consumer spending.

The Trump Administration's stated intention to eliminate the state and local tax deduction (SALT) is likely to meet major opposition from big blue states' Congressional delegations.

Some industries fare much better than others. It widens even further when we add the GOP's repeal of a tax that funds Medicare tucked into the proposed Obamacare repeal. Depending on where you live, and how many deductions you take, you might end up paying more.

While eliminating the SALT deduction could save the federal government a massive amount of money, it also benefits many people in three states: New Jersey, New York, and California. The mortgage interest and charitable contributions deductions would stay, but that wouldn't matter if numerous 600,000 Long Islanders who itemize could no longer do so.

Stephanopoulos asked Mnuchin if the taxes on the wealthy would go up, and Mnuchin said the focus was on lowering the top tax rate for the wealthy, while eliminating deductions and special interests that rich people now use.

"This is about middle-income tax cuts", Mnuchin said, asked how the proposal he announced Wednesday with National Economic Director Gary Cohn would affect a family of four earning $60,000 a year.

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As Donald Trump's presidency nears the symbolic 100-day mark, the Republican is seeking to follow through on a flagship promise to reform the tax code to boost the economy, businesses and families, including middle-class and working-class Americans. The 40% tax now applies to a $5.5 million inheritance for individuals and $11 million for married couples.

[T] he plan would increase the standard deduction from $12,600 to $24,000 ($12,000 if single), and eliminate personal exemptions.

Finally, the new administration has presented the long-awaited tax plan. Gov. Matt Bevin said he wants state lawmakers to return to Frankfort this year for a special legislative session to discuss tax and pension changes. If the tax cut applies to all business income reported on individual tax returns, it would be a huge benefit for many wealthy families.

"I'm guessing the thought process was if you lower the tax rate, businesses have less incentive to go outside the U.S.", Kauffman said.

Last year, more than 43 million families claimed the deduction, saving them almost $70 billion.

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