Trump scales back his tax proposal
Politics
Trump scales back his tax proposal
By Sean Sullivan and Jim Tankersley September 15 at 7:18 PM
NEW YORK — Donald Trump unveiled a scaled back tax plan on Thursday, which is projected to add less to the federal debt but also to deliver fewer benefits to taxpayers than his original proposal.
The plan dramatically reduces the size of tax cuts for high earners and the middle class, compared with earlier Trump proposals, though it includes even more benefits for the lowest earners in the country, according to independent analysts at the Tax Foundation. It also scraps a business tax provision that could have delivered large windfalls to the companies in the Republican presidential nominee’s business empire, which opponent Hillary Clinton had derided as “the Trump Loophole.
Trump bundled the revisions with a proposal to cut $1 trillion in federal spending over a decade without touching safety-net programs or national defense; rollbacks to some federal regulations, including those governing air pollution and food safety, and new initiatives to open up more public and private lands for oil and gas drilling.
The Tax Foundation said the updated tax plan, after accounting for increased economic growth, would cost the government $2.6 trillion in lost tax revenue over a decade, down from $10 trillion for his initial plan.
READ MORE: https://www.washingtonpost.com/politics/tr...
Trump scales back his tax proposal
By Sean Sullivan and Jim Tankersley September 15 at 7:18 PM
NEW YORK — Donald Trump unveiled a scaled back tax plan on Thursday, which is projected to add less to the federal debt but also to deliver fewer benefits to taxpayers than his original proposal.
The plan dramatically reduces the size of tax cuts for high earners and the middle class, compared with earlier Trump proposals, though it includes even more benefits for the lowest earners in the country, according to independent analysts at the Tax Foundation. It also scraps a business tax provision that could have delivered large windfalls to the companies in the Republican presidential nominee’s business empire, which opponent Hillary Clinton had derided as “the Trump Loophole.
Trump bundled the revisions with a proposal to cut $1 trillion in federal spending over a decade without touching safety-net programs or national defense; rollbacks to some federal regulations, including those governing air pollution and food safety, and new initiatives to open up more public and private lands for oil and gas drilling.
The Tax Foundation said the updated tax plan, after accounting for increased economic growth, would cost the government $2.6 trillion in lost tax revenue over a decade, down from $10 trillion for his initial plan.
READ MORE: https://www.washingtonpost.com/politics/tr...
As always, we would like to open this topic to the floor for discussion.