This is a president who wants to get things done. President Trump plans to propose massive tax cuts for small and large businesses biggest in the history of the United States.
Mnuchin said the administration wants to “do the whole thing,” and not pursue tax reform piece by piece. Amid concerns that such sweeping tax cuts would significantly reduce revenue for the government, he suggested economic growth will help pay for the plan.
CHANGING From 7 Tax Brackets To 3 Tax Brackets
REDUCING Tax Brackets: 10%, 25%, 35% Brackets
DOUBLE The Standard Deductions, doubling the tax deductions, Married Couples GET $24,000 that a couple earns or $0.0 tax rate for first $24,000.
FAR Fewer tax payers will need to itemize – tax forms can go back to 1 simple page
Families will benefit from tax relief to help with Child Independent Healthcare Expenses
Repeal the Alternative Minimum Tax (AMT), people won’t have to do taxes twice to see which return is higher, we will HAVE one simple tax code.
We are going to Return the top Capital Gains Rate and Dividend Rate to 20% – repealing the harmful Obamacare tax of 3.8%.
We are going to repeal the Death Tax
We are going to Eliminate most of the tax breaks to high income individuals (Home ownership, charitable giving and retirement savings will be protected) others will be eliminated.
I WOULD NEVER EVER BET AGAINST THIS PRESIDENT, HE IS GOING TO GET IT DONE FOR THE PEOPLE. National Economic Director Gary Cohn
“This is going to be the biggest tax cut and the largest tax reform in the history of our country,” Mnuchin said.
MASSIVE TAX CUT FOR SMALL, MEDIUM AND LARGE BUSINESSES, ALL WILL BE ELIGIBLE.
THIS WILL BE A MASSIVE TAX REFORM AND SIMPLIFICATION
WE WILL LOWER BUSINESS TAX RATES TO 15%
IT WILL BE A TERRITORIAL SYSTEM
WE WILL BE HOLDING BUSINESS LISTENING SESSIONS
THE PRESIDENT’S OBJECTIVE IS CREATING ECONOMIC GROWTH, we believe we can get back to 3% GDP, or higher.
The overall plan is a Massive tax cut and tax reform. Regulatory relief and renegotiating trade deals WILL unlock economic growth in this country.
“We want to deliver a middle-income tax cut, want to simplify personal taxes and want to make business more “competitive.” They are not on a level playing field and that’s why we have trillions of dollars of cash sitting off shore and that why we have jobs being moved out of this country. We are determined to make U.S. business competitive and that’s big business and small business and we are listening to what people have to say and we are going to incorporate it into the plan.”
Mnuchin said Wednesday morning that the House, Senate and administration are all “on the same page” and called tax reform a “major priority.” The administration is also looking at a big increase in the standard deduction.
The administration is holding listening sessions and are running enormous amounts of data right now. This is a broad brush overview of the entire plan.
Family of 4 will get a tax cut – THE HOUSE LEADERSHIP is in very robust talks on those details.
WHAT THIS IS ABOUT IS CREATING JOBS AND CREATING ECONOMIC GROWTH. MASSIVE TAX CUTS, MASSIVE TAX REFORM, SIMPLIFYING THE SYSTEM IS WHAT WE ARE GOING TO DO. Secretary Mnuchin