Tax overhaul a murky proposition

26 December, 2017, 06:09 | Author: Katrina Soto
  • Trump: Democrats and Republicans will eventually 'develop a great new healthcare plan'

Trump told reporters in the Oval Office the law ushered in the "biggest tax cuts and reform in our country".

President Trump says an infrastructure rebuilding plan will be his first priority for the new year.

It was initially thought that Mr Trump would wait until the new year before signing the package into law, but instead, he decided to make it one of his final items of business before jetting off to his Florida estate for Christmas.

"I was going to wait for a formal signing some time in early January, but then I watched the news this morning and they were all saying, 'Will he keep his promise, will he sign it by Christmas?'" Trump said. Will he sign it by Christmas?

President Donald Trump says he's getting ready to sign into law a $1.5 trillion tax overhaul package.

He walked through various provisions of the bill, which he touted as "a bill for the middle class and a bill for jobs", adding that "corporations are literally going wild". By April 2019, millions more will be celebrating when they realize that they'll not only owe less money, but will spend fewer hours filling out tax forms - because they no longer have to itemize deductions.

According to CBS News, the president started his Christmas weekend off Friday night by letting his dinner guests know that they would be benefitting from the tax cuts that he just signed into law.

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"This is a phenomenon that nobody even thought of, and now it is the rage". Congressional Republicans trying to communicate the benefits of their bill to help their bid to maintain a majority in 2018 probably just wish he hadn't said it out loud. Not only will the 1 percenters and the 5 percenters derive the largest dollar benefit from the tax bill, they also will get the largest percentage increases.

AT&T, for example, could do with some goodwill from the President as he remains a critic of the telecom giant's proposed $85bn merger with Time Warner.

Republican lawmakers and administration officials contend that the massive tax cuts will spur economic growth for years to come. But regardless of the electoral impact in 2018, Republicans in Congress and the White House can be proud that their work will surely improve the well-being of almost all Americans - even the ones who won't admit it.

Under the new tax law, individual rates will be lowered, but those cuts are set to expire in 2025. But when all of the provisions are considered - including those that would raise tax revenue - the government's nonpartisan Joint Committee on Taxation estimates the tax law will result in $1.456 trillion less paid in individual, business and global taxes to the US government over the next 10 years.

What it does not include are the many offsets in the tax plan.

The tax changes will reduce federal revenue by more than $1 trillion over the next decade, even after accounting for their beneficial effects on the US economy, according to the nonpartisan Joint Committee on Taxation, Congress' tax scorekeeper.

The bottom line: nearly $1.1 trillion in deficits over the 10-year period. As a result, the cuts, which total about $1.456 trillion, would generate $451 billion in growth, the committee's analysis showed.


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