Axios: Leaked Tax Plan Details Cut Taxes for Highest Earners

Enlarge this image

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".

Iran tests new ballistic missile unveiled at military parade hours earlier
Secretary of State Rex Tillerson said recently that Iran is "clearly in default " of expectations under its 2015 nuclear accord. Rouhani said what transpired there "unveiled the true face" of the United States and its ally Israel.

Iran Successfully Launches New Ballistic Missile That Can Reach Israel
Tehran has argued that the missile is exclusively for defensive purposes and is not a menace for any country in the region. President Hassan Rouhani made the statements at a military parade in Tehran in direct defiance of United States demands.

Burnley, Huddersfield draw 0-0 in rare top-flight meeting
We said, let's take the fearless, very exciting players with no experience but hungry and greedy for what is in front of them'. Miserly defending is not typically the predominant feature of a club promoted from the Championship to the Premier League.

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.

Related:

  • Myanmar army says 28 Hindus found in Maungdaw mass graves

    Myanmar army says 28 Hindus found in Maungdaw mass graves

    The allegations coming out of the remote region are hard to verify because the army has blocked access to the area. A strong smell led security officers to the burial site outside of Ye Baw Kya village, the army said.

    Iran tests new medium-range missile, defying USA warnings

    It included video from an on-board camera which it said showed the detachment of the cone that carries multiple warheads. Thousands of worshippers marched after Friday prayers in Tehran , chanting "Death to America" and "Death to Israel".
    Sparks visit Lynx as WNBA Finals rematch begins

    Sparks visit Lynx as WNBA Finals rematch begins

    Los Angeles' inability to slow down 2017 MVP Sylvia Fowles may be more concerning for the Sparks over the remainder of the series. The reigning champs and former WNBA MVP Nneka Ogwumike will try to grab an important first win on their opponent's home court.
  • Facebook backs off plan for non-voting shares

    Facebook backs off plan for non-voting shares

    That would value his holdings at a minimum of US$68.2 billion, based on the company's closing share on Friday of US$170.54. Facebook's decision is "all the relief we asked for", the lawyer was quoted as saying.
    Israel slams Iran missile test as 'provocation'

    Israel slams Iran missile test as 'provocation'

    Iran says its missile program is within the bounds of the resolution because the rockets are not created to carry nuclear weapons. Washington considers Tehran's ballistic missile tests to be a violation of the United Nations resolution that endorsed JCPOA.
    Star Wars characters accidentally published in Saudi Arabian school text book

    Star Wars characters accidentally published in Saudi Arabian school text book

    The Saudi education minister, Ahmed al-Eissa, has issued a statement on the error, stating that they regret the error. And - sealing the deal - he was the same color as the Saudi flag. "I meant no offense to the king at all", he said.
  • Chinese equity fund takes bite of the United Kingdom  microchip firm Apple ditched

    Chinese equity fund takes bite of the United Kingdom microchip firm Apple ditched

    It now manages about $1.5 billion on behalf of Yitai Capital, a Chinese state-owned company, according to Friday's statement. In November of 2008, Imagination Technologies' licensing agreement with Apple was revealed.
    Five stats to tell your mates from Saturday's Premier League games

    Five stats to tell your mates from Saturday's Premier League games

    David Silva and Kevin De Bruyne have been regulars but even they are well aware of the need to stay on top of their games. The way Danilo played at left-back was outstanding too - how aggressive he was in defence and attack.
    DU Professor Booked For Posting 'Objectionable Remarks' On Goddess Durga in Facebook

    DU Professor Booked For Posting 'Objectionable Remarks' On Goddess Durga in Facebook

    Penning the derogatory remarks, he has attracted the ire of several groups and as hurt religious sentiments of people. Police, in turn, have said that they have accepted the complaint but haven't filed any FIR yet.
  • Taunts by Trump and Kim Jong

    Taunts by Trump and Kim Jong

    Trump responded to Kim's threats on Twitter on Friday morning, calling him a "madman" who "will be tested like never before ". The comments came as US Air Force bombers escorted by fighter jets flew in global airspace over waters east of North Korea .

    Decision Time: Southwestern Energy Company (NYSE:SWN) Stock Technicals Hit Inflection Point

    On Thursday, Shares of Southwestern Energy Company (NYSE: SWN ) expressed a change of -3.64% and closed its trade at $5.83. The value of the investment in SWN increased from $2,249,000 to $3,068,000 a change of $819,000 since the last quarter.
    Dwyane Wade reaches buyout agreement with Chicago

    Dwyane Wade reaches buyout agreement with Chicago

    Before joining the Bulls last offseason, a number of reports had Wade meeting with Cavaliers management. Cleveland is the early favorite, but it's believed Wade could take his time in making a final decision.

Comments

Latest news

All Xbox 360 'Halo' titles are now playable on the Xbox One
The interested customers can pre-book Xbox One S from Amazon India, Flipkart and select Microsoft authorised retailers. Microsoft's new 4K console was a top-seller for Amazon and Target in the USA , with both stores reportedly selling out.

Samsung Will Launch A Flexible Phone To Take On The iPhone X
The company had reportedly also got the trademark certification for the Galaxy X in South Korea in the month of March this year. In terms of specifications, the Galaxy X is expected to come with Bluetooth 5.0 and run on Android Nougat out of the box.

Costa exit, Hazard return lift Conte
Craig Burley takes to the touchscreen to dissect Alvaro Morata's vintage performance in Chelsea's 4-0 win at Stoke . He was the Blues' powerhouse up front, turning defeats and draws into victories through sheer force of nature.

Lukaku scores, Mourinho sent off, as United hold on late at Southampton
The Saints just need to start converting some of their chances ahead of their challenging fixtures in November and December. He said in his post-match press conference: "I think they were really exhausted at the end".

5 live's Football Daily, Liverpool win five-goal thriller at Leicester
If any other player on the pitch makes that challenge it wouldn't look as bad as it does now. Two minutes later, Jamie Vardy reduced the deficit to 3-2 against the run of play.

Morata scores hat-trick to equal Costa's record start at Chelsea
After his early opener, Morata netted an impressive solo goal , charging through Stoke's half before beating the keeper. The 28-year-old won more points than any other player with his goals during last season's title triumph.

The Rohingya refugee crisis is the worst in decades
Farid Alam, another Rohingya leader, said "I have not heard of any Rohingya crossing the border in the past five days". Th fleeing Rohingya have described indiscriminate attacks by security forces and Buddhist mobs.

USA flies B1 bombers, F-15 jets off North Korea coast
Foreign Minister Ri Yong-ho also shared that there could be more attacks coming from North Korea , depending on the orders of Kim. Trump has said he won't allow it, although the U.S.so far has not used military force to impede the North's progress.

Colts Still Looking For Answers After Beating Browns 31-28
With the win, Indy (1-2) avoids its first 0-3 start since 2011. "Cleveland came to play in the second half", Gore said. No trade for an impactful player is going to happen any time soon so they have to shake the position up quite a bit.

In defiance to US, Iran unveils latest missile during parade
The new missile represents a leap forward in Iranian missile technology that puts the state of Israel right in the crosshairs. Extremely concerned by reports of Iran missile test, which is inconsistent with United Nations resolution 2231.

Rick Zamperin: It's President Donald Trump who should be fired
Pete Souza, Barack Obama's White House photographer posted a photo of the then president with Curry on Saturday morning. New York Giants owners John Mara and Steve Tisch said the comments were inappropriate and offensive.

Peter Sagan wins third straight road race world championship title
It was the precursor to a frustrating finish with Matthews left angered after he "wasted" energy he needed for the sprint too early.

Imminent volcano eruption triggers evacuation of 35000 on holiday island Bali
In 1963, lava from the 9,944-foot Agung traveled 4.7 miles and ash was detected 620 miles away in Indonesia's capital of Jakarta. The mountain, 72 km to the northeast of the tourist hotspot of Kuta, is among more than 120 active volcanoes in Indonesia.

Macron demands more clarity from Theresa May to break Brexit deadlock
The DUP campaigned to leave the European Union during last year's referendum, but 56 percent of Northern Ireland voters supported remain.

Witnesses yell 'he can't hear you' as cop shoots deaf man
The 2ft (0.6m) pipe that Sanchez was holding as he sat on his porch was initially described to officers as a stick. Protests over police shootings, especially of black men, have been ongoing around the country since 2014.

Other news