Harrington Breaks Down Tax Reform Prospects in Wake of Budget Passage

28 October, 2017, 01:14 | Author: Katrina Soto
  • Will Tax Reform Look like this

Read CNN Money's Jeanne Sahadi for a full breakdown of the deduction.

Although the tax reforms are still being written and subject to another vote in the Senate, the u.s. president is expected to make an announcement confirming them next week.

"I still feel strongly about addressing unsustainable mandatory spending", said Rep. Diane Black, R-Tenn., who chairs the House Budget Committee. Kevin Brady said that he would like changes to "help people save more, sooner". The SALT deduction has served the nation's citizens well for more than a century. It's estimated to free up more than $1 trillion in revenue. People only have to pay taxes when they take the money out in retirement. But not all are convinced that that's true. This would do exactly nothing for the middle class. King and Oakley say it would boost the financial security of low-income Americans to expand the credit to be more generous, and barring that, to at least promote broader usage of the existing benefit.

That sharp increase in taxes would likely lead to an exodus of residents, starting with high earners, who would see the greatest increases, Cuomo said.

Battles over the state and local tax deduction and tax-free contributions to retirement accounts have already broken open, and Republican tax writers have yet to lock down dozens of crucial details on tax rates and preferences. The increase is tied to the loss of itemized deductions, notably the SALT deduction, which is a large benefit in some areas. It also eliminates many tax write-offs.

A collapse in the tax measure would likely send the S&P 500 down 5 percent or more, Goldman Sachs (NYSE:) said in an October 20 note.

Either way, as a bill comes together, these questions will hang over it.

Ivanka Trump is teaming up with Republican legislators to ensure the GOP tax-overhaul package includes an expansion of the child tax credit. The framework proposes slashing the corporate rate to 20 percent from 35 percent and condensing the individual income rates from seven to three, with a top rate of 35 percent, unless the tax committees decide to add a fourth rate above that. Except, perhaps, in Paul Ryan's dreams. But the president has insisted that he will deliver for the middle class.

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The idea is still in negotiations, but not all are on board.

"Maybe we'll use it as negotiating, but trust me ... there are certain kinds of deals you don't want to negotiate with", Trump said on the White House South Lawn as he prepared to depart on a trip to Dallas.

But conservative leaders have pushed back at this idea as acquiescing to the left, according to Axios.

"President Trump made the right decision when he promised to protect 401 (k) plans", Baldwin said. It certainly seems like it.

But House Republican leaders came within two votes of failure.

"There will be NO change to your 401 (k)".

Trump resisted the lower cap, and Brady told CNBC the discussed the issue with the president. Herbert Whitehouse, one of the first to push for a 401 (k) at his company in 1981, now regrets it. Currently, they're set at $18,000 per year. Financial advisors have voiced concern that lowering pre-tax contribution limits could worsen US workers' retirement shortfall.



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