President Trump: Tax reform is centered on helping American families

Congress Harvey Aid

As the Republicans regroup following the failed attempt to repeal and replace the Obamacare in July, they are now focusing on an aggressive tax code rewrite.

But unless there is a sudden epiphany in Washington, what Trump and congressional leaders are pursuing is not tax reform.

Republicans and Democrats who met with Trump on Tuesday said afterward that the president indicated an interest in working with Democrats on both tax reform and healthcare going forward. "I've been waiting for this for a long time". The proposed rates are 12%, 25% and 35%.

But the income levels for the brackets will be decided by the congressional committees. Most business owners file taxes on their individual tax forms and pay the individual rates, which are as high as 39.6 percent.

As with the individual side, some of the thornier business tax issues remain unaddressed.

Assuming Congress adopts a reform plan this year, will it include a substantial cut for the middle class? But typical families in the 10% bracket today "are expected to be better off" when all the changes under reform are considered together, the blueprint says.

Axios scoops the plan would also double the standard deduction to $12,000 for a single filer and $24,000 for married couples.

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The existing tax credit of as much as $1,000 per child would be made substantially higher, but the figure hasn't yet been determined. "That makes the broader fight even larger and more complicated". The GOP also is at odds over eliminating the federal deduction for state and local taxes.

It also eliminates personal exemptions, worth $4,050 per person. Most importantly, the plan insists that it will not lower the share of taxes paid by the wealthy. We can unleash the economy, promoting growth, attracting jobs and improving American competitiveness in the global market, " said Senate Majority Leader Mitch McConnell, a Kentucky Republican. It will be very hard for the GOP to do any worse than they have on health care, and I'd be surprised if the party doesn't get some kind of tax cut. The plan would keep tax incentives for mortgage interest and charitable contributions in place and would eliminate the death tax.

Republicans are going to unveil the details of a massive tax cut for the wealthy and corporations, but they aren't going to disclose how they will pay for it, because it will take major cuts to Social Security, Medicare, Medicaid, and education programs to cover the cost.

A new tax rate would be created for so-called pass-through businesses. ABC News notes that this will be "a likely boon for wealthy individuals who inherit businesses, investments and real estate".

They've agreed on the framework for the tax overhaul, while committees will have some flexibility to fill in the details.

"With significant and meaningful tax reform and relief, we will create a fairer system that levels the playing field and extends economic opportunities to American workers, small businesses, and middle-income families", the plan reads. "It will replace the existing, outdated worldwide tax system with a 100 percent exemption for dividends from foreign subsidiaries (in which the US parent owns at least a 10 percent stake)".

A territorial system taxes companies only on the profits they earn within the country in which they are based.

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