Axios: Leaked Tax Plan Details Cut Taxes for Highest Earners

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U.S. President Donald Trump and top Republicans in Congress are about to show how aggressively they intend to cut the corporate tax rate, while trying to avoid the appearance of favoring the wealthy.

Trump tweeted that health premiums have risen dramatically for Alaskans under the health law, "deductibles high, people angry!"

House conservatives have demanded for months that any tax cut plan be spelled out in detail and be packaged with hundreds of billions of dollars in spending cuts.

Hillary Clinton ran for president in 2016 as the more moderate Democrat candidate for president, and she promised one trillion in higher taxes over the next decade and did not propose a single tax rate reduction for any American business or citizen.

Also, 58 percent of respondents supported lowering corporate rates and giving companies incentives to bring foreign profits back into the country, the Hill reported. For nearly a decade, corporate interests in Washington, from individual companies to the influential behemoths (the U.S. Chamber of Commerce and the Business Roundtable) have advocated for some form of corporate cut to about 23 percent, the global average. Job growth and economic optimism among the public, matched to what a corporate rate cut could mean for future job growth, investment in communities by businesses, and global competitiveness, hasn't been as aligned as it is today. Trump and House Republican leaders want to end this.

There is also a plan to cut the small business pass-through rate to 25% from 39.6%.

Key congressional leaders, however, have long doubted whether they would be able to push rates that low given the potential lost revenue and their desire to pursue other costly provisions, including full expensing and a suite of changes to the individual tax code.

Vice President Mike Pence on Friday stumped for the tax bill in his home state of in, saying the GOP bill would lower taxes on businesses and individuals and create economic growth: "Tax cuts mean more jobs, tax cuts means higher wages for our families, tax cuts will create an economy where anything is possible". Republicans believe the corporate rate cut and other incentives will stimulate economic growth, offsetting the revenue loss.

"They're not going to cut the highest income tax rate".

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It matters greatly how a tax cut is paid for.

No one in history has campaigned on a tax cut for the rich, but it always seems to find its way into the deal.

Norquist, however, predicted the provision, if enacted, would simply be extended indefinitely by Congress down the road - much as it has continued other corporate tax provisions such as the existing credit for research and development costs.

But that doesn't mean they all need a tax cut. But if a French firm or citizen earned money in Baltimore, then the firm or individual would pay US taxes and then be free to repatriate all earnings without further interference by France.

Almost 90 percent of Americans want an overhaul of the tax code - and a simplification in the process, a new poll showed. This is a step in the right direction. Moore helped write Trump's campaign tax plan. Those are funds that otherwise would not be collectable.

"I'd like to see a bigger number", said Toomey, who argues that tax cuts would increase economic growth.

Activity over the next few days could determine the tax effort's fate, as the White House and Congressional Republicans, desperate for a legislative victory after a string of setbacks, hope to seize internal enthusiasm for the plan to pressure vulnerable Democrats to negotiate. That doesn't have to be the case.

White House officials and Republican leaders are preparing a set of broad income and corporate tax cuts while also looking for a way to keep their plan from being a massive windfall for the wealthiest Americans, two people familiar with the plan said.

The battle underway in Washington to enact pro-growth tax reform is itself a ideal storm. Tax reform represents an opportunity for Republicans in Congress to improve communities across the country with a single piece of legislation and they can not allow it to pass.


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