Official estimate could upend Trump tax plan

Due out on Wednesday, the plan was expected to include only broad principles of tax changes, not formal legislation, and a proposal to slash the USA corporate income tax rate, with additional components still the subject of much speculation.

To calculate the new data, Hamm and her team identified swing counties "in which the vote margin swung at least 15 percentage points toward the Republican candidate from 2012 to 2016" and crunched the tax plan numbers based on average incomes and child care expenses, which top $6,000 in the Midwestern and Appalachia regions in which most swing districts are located.

With financial markets eagerly anticipating a White House tax plan, Trump will also call for a sharp cut in the top rate on pass-through businesses, including many small business partnerships and sole proprietorships, to 15 percent from 39.6 percent, an administration official said.

"I'm not convinced that cutting taxes is necessarily going to blow a hole in the deficit; I actually believe it could stimulate the economy and get the economy moving", Hatch said.

Treasury Secretary Steven Mnuchin has said Trump's tax plan will pay for itself by stimulating economic growth.

The nonpartisan Joint Committee on Taxation said today that a big cut in corporate taxes - even if it is temporary - would add to long-term budget deficits. Many U.S. corporations, especially large multinationals, already pay well below the statutory 35 percent tax rate but have been campaigning for a formal rate cut for many years.

The Senate's No. 3 Republican is not expecting President Trump's tax plan to include infrastructure spending, though he cautioned that he hasn't seen a draft of the proposal.




Prominent Republicans like House Speaker Paul Ryan, R-Wis., and Rep, Kevin Brady, R-Texas, chairman of the House Ways and Means Committee, say they want any tax reform to be "revenue neutral", meaning it would not increase the deficit.

"There is no reason that we should not be able to hit that - if not beat it", Ross said at the White House news briefing. It's an insult to families, she insists, made worse by the fact that Ivanka Trump, the first daughter, has pledged to promote policies that support working mothers in her now-official role within the administration. Wyden also said Democrats have not been involved in the process so far, even though he told Trump at a meeting this year that tax reform has historically been a bipartisan effort in Congress.

The House Republican plan, championed by Ryan and Brady, proposed a 20 percent corporate tax rate.

Separately cutting the top tax rate for pass-through businesses, which account for most USA companies, could benefit Trump himself, said Frank Clemente, executive director of Americans for Tax Fairness, a Democratic activist group.

The import tax is not expected to be part of Trump's plan. One veteran tax lobbyist said Congress and the White House were still likely to strike a tax deal this year.

"Doing infrastructure in a tax reform bill would be largely, I believe, created to attract Democrats to get on board", Thune said.

"There's no question we should try to reduce (the corporate tax rate), but I don't see how you pay for getting it down that low", Casey said.

Related news:

Hot News

isis-killer-beheading-video-story-top FCC Chair to Discuss Net Neutrality Strategy Wednesday
Apr 26, 2017 - 09:00
Supporters of the broadband industry argue that ISPs should be able to seek out new business models to stay competitive. Democrats and privacy advocates have said net neutrality is crucial to keeping the internet open.

isis-killer-beheading-video-story-top Entire US Senate to go to White House for North Korea briefing
Apr 26, 2017 - 09:00
Earnest expressed his gratitude at having been part of a cohesive and supportive team in the Obama administration. While he has discussed Trump's time in office, he has mostly steered clear of critiquing his successor.

isis-killer-beheading-video-story-top Wisconsin dairy farms face closure due to Canadian policies
Apr 26, 2017 - 08:59
That balance has been upended by the surge of milk-protein imports, a glut of skim milk and underinvestment in dairy processing. And yet, all three major political parties (and virtually every MP) have vowed to support the system.

isis-killer-beheading-video-story-top 14 killed in Taliban attack in Pakistan's tribal belt
Apr 26, 2017 - 08:57
For more than a decade, Pakistan has been fighting religious and sectarian militants who have killed tens of thousands of people. The improvised explosive device (IED) blast targeted the van in Kontara village in central Kurram Agency.

isis-killer-beheading-video-story-top Larry Bird drives IndyCar to deliver Indiana Pacers' All-Star Game bid
Apr 26, 2017 - 08:51
While that sounds like great news for Magic Johnson and company, the franchise should absolutely not attempt to trade for George . With the Pacers down by three points, George found some space for a solid look at a game-tying attempt from 3-point range.

Haley won't rule out strike vs North Korea for nuke testing
Apr 25, 2017 - 13:20
Yonhap says that North Korean leader Kim Jong Un likely observed what was one of the country's largest artillery drills. The submarine arrived on the same day North Korea celebrates the anniversary of the founding of its military.

isis-killer-beheading-video-story-top Belafonte accuses Mel B
Apr 25, 2017 - 13:16
The 10-year-old girl Mel B had with Eddie Murphy sent messages to her mother's former companion. Gilles is suing Brown and doe defendants for libel, invasion of privacy and emotional distress.

Executive Order for Agriculture Coming Tuesday
Apr 25, 2017 - 13:12
He also visited Cuba, China and South America as part of several trade missions aimed at growing exports for Peach State farmers. This is not, however, the same family as runs Perdue Farms, the large poultry company.

isis-killer-beheading-video-story-top Kerala Minister lashes at IAS officer for pulling down a erected cross
Apr 25, 2017 - 13:10
When the march reached near the venue, the personnel there stopped the march led by Youth Congress leader Rijil Makutty. Chief minister Pinarayi Vijayan has described Mani's purported remarks as "inappropriate" and promised to talk to him.

isis-killer-beheading-video-story-top Nokia 3310 (2017) Pre-order Expected to Open on May 5 in…
Apr 25, 2017 - 13:09
The device will come in limited supplies maybe because Nokia wants to test its response in India before it takes a huge risk. The device sports 16MB internal memory with 32GB external storage over microSD card and 2 MP rear camera with LED flash.

Messi's 500th Barca goal sinks Real Madrid in thriller
Apr 24, 2017 - 05:51
Real Madrid took the lead after 28 minutes when Casemiro finished from close range after Ramos had hit the post from a free-kick. Real, who have one game in hand, lead second-placed Barca , champions for the past two years, by three points.

isis-killer-beheading-video-story-top Images show North Koreans playing volleyball at nuclear test site
Apr 24, 2017 - 05:48
Volleyball is opaque at the best of times , and this incarnation of it was particularly mystifying. He said he thought such provocations "should be met with strong military responses".

'The Fate of the Furious' laps new films at box office
Apr 24, 2017 - 05:47
The Zach Braff-directed update of the 1979 heist comedy ends this weekend with an estimated domestic total of $31.8 million. It is expected to reach the $400 million mark there in the Middle Kingdom.

isis-killer-beheading-video-story-top Blake Griffin leaves Game 3 with bruised right big toe
Apr 24, 2017 - 05:47
Marreese Speights , starting the second half in place of Blake Griffin , added 9 points and was a +12 in his 19 minutes played. "We had a couple of days being pretty pissed off", Los Angeles forward Blake Griffin told reporters after scoring 24 points.

isis-killer-beheading-video-story-top Police stop 12-year-old boy from driving across Australia
Apr 24, 2017 - 05:45
The boy was pulled over when highway patrol officers noticed his vehicle's bumper dragging across the ground. The highway is "famous for its unbending trajectory through the barren scrubland", according to 9 News .