Trump takes on Schumer on tax reform

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Only in recent years have Nevadans been permitted to deduct sales taxes, but this is subject to the whims of Congress because it must be renewed every year.

According to the CRS, the blueprint would simplify the tax system's administration and compliance by reducing the number of itemizers, eliminating the estate tax, simplifying depreciation, and eliminating the need for most worldwide tax planning to shift profits out of the U.S. However, some new complications would be introduced.

Of course, this fantasy - inspired by the rich-poor, blue-red divides that were exposed when it dawned on the public that Trump's one-page tax plan eliminated the state-local deduction - is just that, a total never-happener.

This equation is the transversality condition for a government budget.

The answers will drive how deep rate cuts can go and whether they carry an expiration date or remain embedded in a newly streamlined tax code. They are spot on and I would not want to see any new tax until you eliminate or greatly reduce the old tax.

Math is not on their side.

House Republicans have been working on their own plan.

"It would make Canadian exports to the United States a lot less competitive and it would be paying for tax cuts in America that would put Canada at a disadvantage", Alexander said. "There has to be a strong mix of tax cuts and revenue-raisers-a good mix of both sweets and vegetables".

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I'm for making things better for everyone.

In any event, the Trump outline is the beginning of a conversation likely to result in substantial changes to our tax system.

Also voicing strong reservations with the proposed elimination of the property tax deduction was Christine "CJ" DelVeccio, president-elect of the New York State Association of Realtors. Our primary concern is that the tax will lead to much higher costs for reinsurance, the primary tool insurance companies use to spread risk around the globe. And Trump is mandated to be audited during the rest of his time in office. These rates can have an effect on GDP (Gross Domestic Product) as well. That's unsustainable. "We have this enormous fiscal gap".

"We have a once-in-a-generation opportunity to do something really big", said National Economic Council director Gary Cohn in a briefing announcing the proposal. Rank and file Republicans, many of whose representatives characterize themselves as "deficit hawks", lean more in favor of tax cuts today: 47% prioritize cutting taxes, 41% favor reducing the deficit. One is to curtail his cuts in hopes of achieving a score of revenue neutrality from the JCT.

Just as point of reference, now the mortgage interest deduction is a $60 or $70 billion tax expenditure a year. That's what President George W. Bush did, although some of his cuts were later extended. It did not matter how the underlying investment performed; the tax savings alone made the investment worthwhile.

A tempting alternative is for Congress to change its rules. More jobs here. Isn't that the idea?

Benjamin Franklin once said "nothing can be said to be certain, except death and taxes".

As long as the profits from those foreign operations stay in Canada, they pay lower taxes, which explains why countries like Ireland and Canada have benefitted from American companies sheltering their profits in other countries. And most economists don't accept the notion that growth would accelerate enough to offset the lost revenue. This is Mnuchin's case. And based on the few specifics spelled out so far, most experts suggest that it would add little to growth while swelling the budget deficit and potentially handing large windfalls to wealthier taxpayers. But in America, that model that has been under a siege since the Reagan years. This is where things get interesting. "U.S. corporations pay a top marginal rate of close to 40 percent, compared to an average of about 24 percent for all the (Organisation for Economic Co-operation and Development) nations", Investor's Business Daily newspaper noted in an April 25 editorial. More government debt is the most likely way to fund a military expansion.



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