GOP rep pledges property tax, mortgage deduction plan

GOP rep pledges property tax, mortgage deduction plan

"I don't think any of them are non-competitive in the world because of the corporate tax rate", Buffett, the chairman and CEO of Berkshire Hathaway Inc, told CNBC. A study released Friday by the nonprofit Tax Policy Center found that the top 1 percent of earners would see almost 80 percent of the benefits under the GOP tax plan while people earning between $150,000 and $300,000 would see a slight tax increase. "So yes, people are going to get tax cuts".

Treasury Secretary Steve Mnuchin rejected the findings of the study, saying that corporate tax cuts will boost business activity in the economy and create more jobs, thus helping the middle class. Mnuchin also claimed that reductions in the top tax bracket will be offset by eliminating "almost every single type of deduction". How big are those tax cuts? "We need to have the growth", Mulvaney said.

Instead, as we long suspected would be the case, an analysis by the Tax Policy Center (TPC) confirms that the Republican tax plan amounts to nothing but an enormous tax cut for rich people-just like every single Republican plan before it. TPC found that by 2027, the Republican tax cut would deliver 80 percent of its benefits to the top 1 percent, households that now have incomes of roughly $730,000 or more. On one hand, this may disadvantage the poorest of the poor, who now give only 10 percent of their income to the government, if they are single filers making $9,275 per year or less or married joint filers making $18,550 per year or less. High-tax states tend to lean Democratic, and GOP leaders are not counting on their support for a tax overhaul.

For these reasons, repealing the state and local tax deduction would be an important move toward broadening the tax base. Even the House and Senate budget resolution predicts a measly 2.6 percent growth. To keep the Republican majorities and grow the economy, Trump has to do one thing for voters: Show them the money.

Trump and the Republicans won the election by promising jobs and prosperity. One example: House GOP leaders have pushed to allow companies to immediately write off their capital expenditures while eliminating the deductions they take when they pay interest on loans.

"Republicans defend tax plan as a middle-class tax cut", The Washington Post, October 1, 2017.

Senator John Thune of South Dakota said Republicans are committed to maintaining a progressive tax code and the tax-writing panels will have to "ensure the people on the high end, as the president has said, aren't getting a big tax cut".

About 29 percent of OR taxpayers could see federal tax increases as a result of a repeal of the deduction, according to figures Warner cited that were compiled by State Tax Notes, a specialty publication. It also repeals the Alternative Minimum Tax and estate tax, which hit high earners and the wealthy, respectively.

There should be no tax cuts for "the rich" until the president releases his tax returns ("Trump, GOP outline proposal to lower, simplify taxes", September 27). "These are guys that shift paper around and they get lucky".

Importantly, our plan will maintain important tax incentives for home mortgage interest, charitable giving, retirement, and education.

Corker warned that raising trillions of dollars to pay for the individual and business tax cuts will require making "very tough decisions" that'll be made tougher "when the army of lobbyists roll in here" to protect their treasured carve-outs.