Trump Tax ‘Reform’ Right Now a One-Page Document With Bullet Points
Would Add Trillions to Deficit
Gary Cohn, the Director of the National Economic Council, and Treasury Secretary Steve Mnuchin have just outlined President Donald Trump’s tax plan. While claiming they’ve been working on it for a long time, they’ve managed to outline it on a single page of paper.
President Trump’s tax reform plan- just handed out by the wh .. on a single page pic.twitter.com/FyL9Scq8UT
— Cecilia Vega (@CeciliaVega) April 26, 2017
The tax code is massive. Changing it to a one-page document is not practical.
Gary Cohn: “This isn’t going to be easy…but one thing is certain: I would never, ever bet against this president.” https://t.co/gTzhm8TQ7R pic.twitter.com/CU5ofdAMT8
— ABC News Politics (@ABCPolitics) April 26, 2017
As it is, studies show the Trump tax plan, just the portion that lowers the corporate rate to 15%, will add “$2 trillion dollars over a decade” to the deficit.
Tax plan reduces current 7 tax brackets to 3 and doubles standard deduction, National Economic Director Cohn says https://t.co/T5uqoA85rO pic.twitter.com/hAOtIOh2WP
— CBS News (@CBSNews) April 26, 2017
Here’s a quick overview of what’s just been announced:
- Elimination of all personal tax deductions other than mortgage and charitable giving
- Standard deduction doubles.
- Estate tax disappears.
- Business tax rate drops to 15%.
- Individual tax brackets drop to 10%, 25%, 35%.
Asked how a family of 4 making $60,000 a year would be affected, Secretary Mnuchin and Director Cohn couldn’t answer.
Mnuchin says this will pay for itself. That’s flat-out false:
Tax plan “will pay for itself with growth and with reduction of … deductions and closing loopholes,” Mnuchin says https://t.co/T5uqoA85rO pic.twitter.com/i30wgPBFZR
— CBS News (@CBSNews) April 26, 2017
Reporters asked many questions about how this will affect President trump. They refused to answer.
“Our basic premise is to simplify the tax system, lower rates and make it easy,” Cohn says https://t.co/T5uqoA85rO pic.twitter.com/Cv8LK9vM78
— CBS News (@CBSNews) April 26, 2017
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