Chamber Backs Trump's Tax Plan

US STOCKS-Wall St gains on financials boost, tax hopes (BAC, GS, NKE)

US STOCKS-Wall St gains on financials boost, tax hopes (BAC, GS, NKE)

The proposal, which the Republican president says is aimed at helping people working and creating jobs, faces a tough battle in Congress with the Trump split and a hostile attitude by Democrats.

President Donald Trump says reducing the corporate tax rate to 20 percent is a "non-negotiable" part of his tax plan. Owners of "small businesses", who pay taxes on their individual returns rather than with a corporate filing, would pay no more than 25 percent, instead of the current maximum of 39.6 percent.

As the GOP plans to unveil details on a tax overhaul effort today, President Trump is expected to rally Hoosiers in support of tax reform in Indianapolis, officials said Tuesday.

The current seven tax brackets would be reduced to three: 12 percent, 25 percent and 35 percent. The plan recommends a "surcharge for the very wealthy", but there is no information about what the income levels associated with each of the three brackets are.

None of this is set in stone yet.

Trump said to an invitation-only audience at the State Fairgrounds that his tax proposal will help middle-class families save money and will eliminate loopholes that benefit the wealthy.

What Trump's plan says: "The framework ends the perverse incentive to offshore jobs and keep foreign profits overseas". The president says in IN that he wants to cut taxes for middle-class families to make the system simpler and fairer.

-The standard deduction would double, to $12,000 for individuals and $24,000 for married couples. "We must make our tax code simple and fair".

Republicans are divided over the potential elimination of some of the deductions, underscoring the difficulty of overhauling the tax code even with GOP control of the House and Senate. And his proposal didn't answer several critical questions, including the tax rate for the nation's highest earners. It tilts the playing field to the richest few and eliminates the estate tax to benefit people like President Trump.

Top republican leaders say they're making tax reform their focus now after striking out on health care, but not everyone is on board with the plan.

Under the nebulous framework he laid out, a almost $6 trillion tax cut would deeply reduce levies for corporations, simplify all brackets and almost double the standard deduction used by most Americans, he said. The political stakes are high for Trump, who has promised to bring 3 percent economic growth and expanded jobs through tax cuts. Under the current worldwide system, USA multinational corporations pay domestic tax on foreign earnings, which creates a competitive disadvantage for them.

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