Claims about Trump's tax plan don't hold up

How Trump's Tax Plan Targets Blue State Voters

The florist has a range of possibilit.

Treasury Secretary Steve Mnuchin unveiled a one-page tax reform plan Wednesday that the President has called a "massive" tax cut and wrongly claimed it would be the "biggest" in history.

Additionally, nothing is ensuring that Republicans will all agree with Trump's exact proposal; his administration will have to work with congresspeople to come up with a solution that's passable.

Eliminate nearly every individual tax deduction: Except those for mortgage interest and charitable contributions. They have also ended the tax code's bias toward the use of debt rather than equity in financing investment. Good Washington liars know lots of ways to lie, especially about tax cuts, which are easy to obscure in jargon.

It's also unclear at what income levels the new proposed tax rates would kick in. Among the tax cuts Mr. Trump's proposing are several measures that will benefit big-time developers and business executives. Meanwhile, almost 75 percent of Americans think Trump should release his returns - something he repeatedly promised to do during the campaign. The plan says simply, "Eliminate tax breaks for special interests". It was "about" wonderful things like jobs and reducing deductions and economic growth and our hard-pressed middle class. That's because most lower-income taxpayers take the standard deduction, and that's being doubled. CNBC's sample included 1,941 of the largest public companies, which had combined net income of more than $1 trillion in 2016. It would, for instance, reduce the number of income tax brackets from seven to three. The wealthiest Americans would fall into the lower tax bracket.

Trump's plan has the potential to provide big tax cuts to high-income families - unless you live in a state with high state and local taxes. Most everyone fears it, but it's already been so watered down as to apply only to estates worth at least $5.5 million. The 40% tax now applies to a $5.5 million inheritance for individuals and $11 million for married couples. Without it, he would have owed just $5.5 million.

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State and local taxes and health care will also be eliminated as tax deductions. Through that lens, the President's cuts would amount to about 2.3% of the country's GDP over the next 10 years, the group estimates. "You saw previous year, GDP at 1.6 percent".

But with the significant cuts to corporate taxes, personal taxes, as well as the elimination of the estate tax and the Obamacare taxes, it's very hard to see how all the numbers add up.

The federal estate tax is widely misunderstood.

IRS statistics show the estate tax is paid by just the wealthiest 0.2 percent of Americans. Owners of "pass-throughs" would be taxed at the new, much lower corporate rate of 15 percent.

Tax reform was going to be an important issue in the Trump administration, but something has stopped him short. The idea Trump can ram these huge tax cuts through Congress is highly improbable.