Trump tax plan stands to benefit the man in the White House


People like him. Exactly like him. History does not bode well for self-paying tax cuts-the idea that tax cuts would spur enough economic growth to balance out revenue lost due to lower rates. "Unfortunately, he lacks the moral fiber of Miguel de Cervantes" hero even with his Sancho Panza stand-in, Treasury Secretary Steven Mnuchin. "By 'additional growth, ' I mean over and beyond what forecasters typically predict", said Alan Cole, an economist at the Tax Foundation. At the moment, Democrats are very reluctant to help the president achieve any legislative victories and are unlikely to side with Republicans to cut taxes for corporations.

Q: Do you believe in raising taxes on the wealthy?

The report, from the Empire Center, an Albany-based think tank and fiscal watchdog, said the elimination of deductions for state and local taxes in the plan would hit NY and other high-tax states the hardest.

And for us to know that, we would have to ask this question, which was also asked during this week's news conference: Will the president release his tax returns?

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President Donald Trump still plans to end a tax break that lets some investment managers pay lower tax rates than average workers, a White House official said.

The alternative minimum tax (AMT) will be repealed.

Steve Witkoff, a New York-based real estate developer and a friend of Trump, defended the proposed tax changes, arguing that they could foster an environment in which more Americans take the sort of financial risks that create jobs and feed prosperity. Sanders said Trump's tax plan saying that it not only perpetuates a rigged system, but that it exacerbates it even further. We don't yet know if these accompanying changes still apply. And if he's really worth the $10 billion he claims? And his heirs could eventually enjoy his enormous assets tax-free.

You would think that the Trump administration, with so many emigres from the business world, could at least perform simple arithmetic. And the corporate tax rate could plummet from 35 percent to 15 percent, giving the US one of the lowest corporate tax rates in the world.

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On the personal income tax front, it is hard to argue with the need for a simpler more straightforward tax code (although I suspect the good folks at H&R Block (ticker: HRB ) and Jackson Hewitt will protest loudly).

A separate concern is that Trump's tax plan could hurt the MA housing market.

While the broad outlines of the proposal are clear - corporations and families will get tax rate cuts, and deductions and other "loopholes" will be eliminated - numerous details of the plan are uncertain. The benefit to Trump could run as high as tens of millions of dollars a year.

Trump also calls for eliminating the estate tax. Without it, he would have paid just $5.5 million, according to a leaked copy of that year's return.

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