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Trump touts tax plan in 'Made in USA' speech

Trump touts tax plan in 'Made in USA' speech

Mike Feller, of Hudson, said he thinks the tax plan is geared toward benefiting wealthy people, not the middle class.

But how to make that happen is where the disagreement comes in, and it's why Donald Trump's tax plan is getting mixed reviews.

The proposal calls for slashing the corporate tax rate to 20 percent from 35 percent, the small business rate to 25 percent from 39.6 percent and the top individual rate to 35 percent from 39.6 percent. For businesses, the plan would cut the tax rate from 35 to 20 percent.

The plan still must be turned into legislation, which was not expected until after Congress makes progress on the fiscal 2018 budget, perhaps in October.

Whether the proposal represents tax reform or is simply a big Republican tax cut remains to be seen.

Republicans feel especially tax-burdened. Given that Trump proposes to eliminate the federal tax deduction for state and local income and property taxes, California's heavily taxed middle class seems unlikely to end up a net victor.

Calling the plan the largest tax cut in U.S. history, the President said: "We want tax reform that is pro-growth, pro-jobs, pro-worker, pro-family and, yes, tax reform that is pro-American".

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Of course, even if lawyers wouldn't benefit right way from the new tax framework, they may benefit if it spurs on economic activity for their clients, such as mergers and acquisitions, investments and the development of new products and services. Trump/Pittenger tax reform will simplify the tax code so that up to 90 percent of Americans will be able to file their taxes on a postcard. Since that time, the tax code has grown to over 3 million words and 85,000 pages.

In 1986, President Ronald Reagan's tax plan initiated an era of unprecedented economic growth and prosperity. When people pay their state and local taxes, that money is no longer discretionary income and should not also be subject to federal taxes. Individual income tax revenue would actually increase by $470 billion, largely as a result of changes in personal deductions and exemptions as well as an increase in the bottom tax rate to 12 percent from 10 percent.

The president's plan does feature a almost $6 trillion tax cut.

Trump urged those gathered to call their congress members to pressure them to pass the plan. They could also cut spending to offset about $4 trillion in reduced revenue.

North Country Congresswoman Elise Stefanik (R-Willsboro) said it is time for comprehensive tax reform. On the Senate side, two key members of the Senate Budget Committee agreed to $1.5 trillion in increased deficits over a decade. While a majority overall favors tax cuts for all (at least in principle), three in four Republicans do. They represent about 95 per cent of all USA businesses.

To the editor: It is a fact that the GOP plan will give big tax cuts to businesses. "So, if they were making, earning income that was being taxed at a higher rate prior to this bill, they're going to benefit from that", added Hill.

Republicans proposed eliminating some tax deductions. Because California is a high tax state, the loss of the deduction would be very significant.

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