Our Opinion: Tax overhaul plan is short on details

Our Opinion: Tax overhaul plan is short on details

The top rate for the wealthy falls. We are watching the proposals on worldwide business earnings, and how they will fit together with existing treaty networks and the EU's own anti-profit shifting CFC rule proposals.

Remember that all the money that corporations take as profits ultimately get spit out as capital gains to individual shareholders.

What's the catch? It's apparently somewhere in the small print to be written later. As Republicans' failure to repeal and replace Obamacare makes clear, the 52 seats the party now controls in the Senate leaves them very little margin for error.

One of Not One Penny's key ad campaigns, which first aired in early September, urges North Dakota Sens.

By comparison, the after-tax income of those in the bottom 95 percent of the income distribution would only rise by somewhere between 0.5 and 1.2 percent-hardly the "miracle" President Donald Trump has promised, and made worse by his administration's proposed cuts to crucial safety net programs. Lowering the corporate tax rate, which again benefits Donald Trump, is not going to make these corporations bring their money back to the United States, that they're hiding offshore, because even lowering it from 35 to 20%, 20% is still higher than 0%, which is what they're now paying when they stash it offshore in the Cayman Islands, or over in Switzerland. The resolution is more or less a tool created to prevent a Democratic filibuster using procedural rules that would allow the GOP to get the tax reform legislation through on just 50 votes instead of the normal majority required - if that sounds familiar, it's because it's the same tactic they used to try and pass their health care legislation.

The Republican tax plan also recommends a surcharge for the very wealthy. Some observers think the changes would be very good for him, his family and his businesses. Even the proposed new and bigger standard deduction would not make up for the loss of the local and state tax deductions. Then we could target different tax rates more precisely to different levels of income - lower taxes for low-income and working-class Americans, and much higher ones for the rich.

To Create Jobs and Promote Competitiveness, Lowers the Corporate Tax RateSo that America can compete on level playing field, the framework reduces the corporate tax rate to 20% - below the 22.5% average of the industrialized world.

President Donald Trump: "We want tax reform that is pro-growth, pro-jobs, pro-worker, pro- family, and, yes, tax reform that is pro-American". The group's survey found that during the past nine months, 91 percent felt optimistic about the outlook for their businesses, the highest three-quarter average in its 20-year history.

What happens to tax revenue in the meantime? And the GOP plan lacks the details to show whether it would do any of it.

Deficit hawks on Capitol Hill could go after popular tax breaks, for individuals and corporations. Republican support is also cut in half, to 36%.

His drive to increase military budgets and border security doesn't leave much room to maneuver. But there is a caveat in the latest Economist/YouGov Poll: the public is more concerned about the reducing the deficit than cutting taxes, and support for tax cuts drops if they increased the deficit. Republicans control the White House, the Senate and both chambers of Congress. People like Heidi Heitkamp (North Dakota), Joe Donnelly (Indiana) and Joe Manchin (West Virginia) sit in states where it would make sense for them to find a way to be for some sort of Republican-led tax reform effort. Trump doesn't have the patience to observe such formalities and will hound Republican leaders to move faster, just to get something passed. If it stopped there, it would deliver a straightforward tax cut to the broad middle class.



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