Trump tax plan: Relief for his voters but lots of unknowns

Will your 401k be safe under Trump's tax plan?

Spicer was asked about 401 (k) accounts in particular, following remarks Wednesday by Trump's National Economic Council Director Gary Cohn, who said "homeownership, charitable giving and retirement savings will be protected".

About 70 percent of taxpayers take the standard tax deduction when they file their taxes. But that's not double.

"No tax cut has ever been self-financing", said Howard Gleckman, a senior fellow at the nonpartisan Tax Policy Center.

"The United States now taxes the worldwide income of USA persons, including corporations formed under US law, and provides a credit for foreign taxes paid to mitigate so-called "double" tax on cross-border income".

The Reagan administration spent a year drawing up a tax-reform plan in 1984, and then two of the most skillful Washington operatives, James Baker and Richard Darman, spent months consulting with lawmakers and affected interests before unveiling the specific plan.

Despite his promises, Trump still has not publicly released his tax returns.

"New Jerseyans are usually higher income producers than other parts of the country, and if there are reductions in personal income tax rates, that may offset some of that", Christie said. That would change under Trump's proposed plan. Provide tax relief to American families - especially middle income families.

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Trump's idea to cut tax rates fits nicely with Ryan's goal.

The administration wants to reduce the number of tax brackets to three from seven, but it has yet to determine the income levels for people who would be put in each bracket.

Over President Donald Trump's first 100 days, we're asking him questions that our audience wants answers to. By contrast, typical households with middling income would save about $1,100 a year on average, which translates to only 1.5 percent of their yearly income.

It's unclear just how much the tax overhaul would help Trump because the proposal still amounts to mainly a series of bullet points - and because the president has steadfastly refused to release his tax returns despite having promised to do so in the past.

Currently, 15% is the lowest bracket for businesses, so this tax cut would lower taxes significantly for almost all businesses that earn more than $50,000 a year. In fact, it will close down the alternative minimum tax, launched in the 1960s to ensure that rich people reliant on loopholes in the tax code actually paid their fair share. The 40% tax now applies to a $5.5 million inheritance for individuals and $11 million for married couples.

On its face, it seems to offer massive tax cuts for rich individuals who can use pass-through companies to pay a 15 per cent corporate rate.

The debate on Capitol Hill is center over President Trump's proposed tax reform plan, which the administration says will be the biggest tax cut in American history. The AMT is a separate tax calculation meant to ensure that richer people don't avoid paying most or all of their taxes by claiming multiple deductions and credits. "This is about creating economic effect for small and medium-sized businesses and making sure they have the same opportunities as large corporations". But it's clear that the most significant changes are the tax cuts from the top-the wealthiest corporations and individuals. Treasury secretary Steven Mnuchin says the current deduction wrongly forces the federal government to subsidize high state income taxes.