U.S. President Donald Trump turned his populist rhetoric to tax reform on Wednesday, calling for "pro-American" business tax cuts as a way to create jobs and telling Congress that it needs to deliver.
The speech, which offered no new specifics, sought to build support for the forthcoming legislation as negotiations intensify on Capitol Hill.
The president did not provide details of the tax plan, but he outlined four principles that he's referred to before - simplifying the tax code and closing some provisions that benefit wealthy Americans and special interests; slashing the corporate rate to create more jobs and higher wages; providing tax relief for middle-class families; and cutting the tax that companies would pay to bring back the trillions of dollars in profit that they now hold offshore. And who really wins? Much of your financial life, from taking out a mortgage to saving for retirement, will likely be affected should some of the discussed proposals turn into law. "Do you understand me?"
The President's speech which only briefly touched on policy details surely didn't mask the challenge he and a RepublicanCongress will face in ensuring a true overhaul of the tax code. Co-founder of the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution. That windfall equates to $145,500 in savings. President Trump asked. "The United States is counting on it".
Trump said he wants to bring the business tax down to 15 percent to put the USA ahead of other competitive nations.
Those who earn about $85,000 annually, for instance, would save $1,250, or 1.5 percent of their annual pay. The primary challenge is to propose tax reform that could include tax cuts for firms and high-income earners. Large corporations changed their business models by exporting jobs to other countries and then shipping their goods back to the United States, where they'd make massive profits, and they wouldn't be paying tax to us either.
Republicans are considering doubling the standard deduction, now $12,700 for married couples filing jointly, which would reduce the amount of income subject to taxation -- a boon for middle and lower-class workers, costing Uncle Sam $1.2 trillion in revenue over the next decade. No end of popular tax deductions.
"It deserves prompt consideration by Congress so that Americans can get immediate relief from burdensome taxes and a complex tax code as soon as possible, and fill out their tax returns in the future on a short form that should be no longer than one page".
What does all this mean for you?
Revenue neutrality is a bad idea that will kill tax reform.
Despite the political drama coming out of Washington daily, all signs point toward comprehensive tax reform gaining real momentum.
After the fiasco he and Republican lawmakers endured in trying to repeal and replace the health care reform implemented by his predecessor, Barack Obama, Trump is looking for a victory in Congress.
"Here in the House, we've made it clear that our top priority this fall is reforming the tax code and cutting people's taxes".
What should I do today to prepare either way?
It's very important to remember that the White Housewill not release its own tax reform plan. They will be proud again, ' he said.
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