Published: Tue, May 02, 2017
Business | By Patricia Jimenez

Trump says he "never spoke" to Treasury secretary about releasing tax returns

Trump says he

On Wednesday, Treasury Secretary Steve Mnuchin said the president has no intention to release the documents and that Americans already have "plenty of information" about his finances.

Yesterday the Trump administration released its tax-reform plan, which the White House is calling the "biggest individual and business tax cut in American history".

Even without the specifics from Trump's returns, it's reasonable to assume that however much tax he pays at the top rate on his business income would fall by almost two-thirds.

Here's what we do know: The plan calls for cutting the corporate tax rate from 35 percent to 15 percent, repealing the Obamacare tax on investment income, and doubling the standard tax deduction. The plan would eliminate the estate tax, which now applies to individuals with estates of $5.5 million or couples with estates worth $11 million.

More lower-income Americans would pay no tax at all, and there would be relief - still undefined - for families with child care expenses.

"The tax plan will pay for itself with economic growth", Treasury Secretary Steven Mnuchin, assured this week. But one thing is certain: I would never, ever bet against this President. "He understands that there are a lot people who work hard and feel like they're not getting ahead". This is supply-side nonsense. But budget plans should not count on such future growth.

Some economists agree, but most budget experts say it's unlikely. Claudia Tenney, a conservative-leaning Republican who represents parts of central NY, said until the state overhauls its own tax codes, New Yorkers "cannot afford" to lose their itemized deductions because the benefit offers state residents one of their few forms of tax relief.

"Under the Trump plan, we will have a massive tax cut for businesses and massive tax reform and simplification".

Senate confirms Sonny Perdue as agriculture secretary
It shows that agriculture can still put partisanship aside for the good of our country, economy and our producers. Department of Agriculture", Bishop, who represents the largely agriculture 2nd District of Georgia, said.

"And we will have an IRS that exists only to serve the taxpayer", House Speaker Paul Ryan, R-Wis., said.

So here are five major questions we're still asking about the plan.

How does the plan affect individual taxpayers? The administration's tax plan is supported by the hope that the economy will grow at a rate of 3 percent (up from about 1 percent currently) by the end of 2017. One of the supposed attractions of the plan is that lower rates would cause firms to move production, and the resulting tax revenues, to the US from other countries.

Senate Democrats say his plan tilts its benefits to the wealthy, including Trump himself.

That change could influence a number of Trump's businesses, and save the president $10.4 million on business income and $16.6 million on real estate and other income, based on the analysis. Ron Wyden, or OR, ranking Democrat on the Finance Committee.

Standard deductions and individual deductions: The new plan would double the standard deduction, which is now $6,350 for single filers and $12,700 for married couples. The benefit is largest for affluent people living in states that impose high income tax rates, which are much bluer than average. They claim benefits for the middle class are thrown in to obfuscate the administration's true motives. The median US household income is slightly above $50,000 annually.

Today, only the portion of an estate over $5.49 million is subject to the estate tax, at a top rate of 40%.

Tom Kauffman, a partner at RKL in Wyomissing, said the plan's proposed corporate tax cut from 35 percent to 15 percent, would take it from one of the highest tax rates in the world to one of the lowest.

Like this: