• Visitors Now:
  • Total Visits:
  • Total Stories:
Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Treasury Secretary: Trump’s Tax Proposal Will Be Biggest Cut In History (Video)

Friday, April 28, 2017 13:17
% of readers think this story is Fact. Add your two cents.
0

Despite the failure of ‘Trumpcare’ and confirmation that Trump’s ambitious tax reform plan will definitely not be ready by August, the administration has already announced one of the key features of the reform. Treasury Secretary Steve Munchin has confirmed that President Trump intends for the corporate and small business tax rate to drop to 15%. The current maximum tax rate is 35% and 39.6%, respectively.

In the following video, Right Wing News examines the implications of what would be the largest tax cut in US history. It would undoubtedly result in billions of lost revenue for the government, and it is questionable if increased growth will be enough to compensate. And with the government up to its eyeballs in debt already, it would only make the problem worse. 

SUBSCRIBE TO THE TOP STORIES OF THE WEEK IN THE NEWSLETTER HERE

GET YOUR NEWSLETTER FROM

AMERICAN INTELLIGENCE MEDIA AT:

Aim4Truth.org

WWW.THELASTGREATSTAND.COM

Young Conservatives reports:

Donald Trump is going to be a pro-growth president.

That’s much needed after Obama presided over the slowest economic recovery since World War II.

On the campaign trail, Trump often talked about Reaganesque tax cuts.

DO NOT MISS: Trump Facing a Looming Government Shutdown He May Not Be Able To Stop (Video)

Today, the Trump Administration confirmed that Trump hasn’t changed his tune on that promise.

In fact, it could end up being even more significant than we expected.

RIGHT WING NEWS & YOUR OTHER FAVORITE YOUTUBE CHANNELS NEED 

YOUR HELP TO SURVIVE YOUTUBE’S LATEST ASSAULT ON FREE SPEECH!

 RIGHT WING NEWS PATREON PAGE 

MAJOR UPDATE REGARDING YOUTUBE’S ASSAULT ON FREE SPEECH!

From Fox News:

Trump administration officials outlined a sweeping tax reform plan Wednesday that calls for “massive” cuts for businesses and other changes that could yield big savings for American families. 

The plan swiftly drew congressional criticism about the potential impact on the deficit. But administration officials voiced optimism that the proposal would spur economic growth, and said they’d reduce tax breaks elsewhere. 

“We have a once-in-a-generation opportunity to do something really big,”  top White House economic adviser Gary Cohn said. “Tax reform is long overdue.”

DO NOT MISS: U.S. About to be Blindsided By Multiple Wars And Simultaneous Economic Collapse (Video)

As the administration nears the end of its first 100 days, Cohn and Treasury Secretary Steve Mnuchin provided the contours of the administration’s long-awaited tax plan in a White House briefing with reporters.

The plan would, perhaps most significantly, slash the corporate tax rate from 35 percent to 15 percent. Small business owners could also benefit from that rate. 

“The president is determined to unleash economic growth for businesses,” Mnuchin said. 

INSIDE TRUMP’S TAX PLAN

The plan also would collapse the income tax system from seven to three brackets: 10 percent, 25 percent and 35 percent. The current top rate is 39.6 percent.

The administration is looking as well to double the standard deduction, or the amount of income individuals and families can report to the IRS tax-free.

The current standard deduction would rise from $6,300 to $12,600 for individuals under the proposal. For married couples filing jointly, it would rise from $12,600 to roughly $24,000.

DO NOT MISS: The Largest Debt Bomb In Human History is About to go BOOM!

Earlier in the day, Mnuchin called it the “biggest tax cut and the largest tax reform in the history of our country.”

The plan will immediately face questions on Capitol Hill over the impact on the federal budget and deficit, considering the tax cuts would presumably represent billions in lost revenue every year.  

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., issued a statement calling it an “unprincipled tax plan that will result in cuts for the one percent, conflicts for the President, crippling debt for America and crumbs for the working people.”

RIGHT WING NEWS & YOUR OTHER FAVORITE YOUTUBE CHANNELS NEED 

YOUR HELP TO SURVIVE YOUTUBE’S NEW ASSAULT ON FREE SPEECH!

 MAJOR UPDATE REGARDING YOUTUBE’S ASSAULT ON FREE SPEECH!

DONATE: https://thelastgreatstand.com/stop-the-censorship/

But officials said Wednesday they plan to eliminate most tax breaks that benefit high-income taxpayers. At the same time, they said popular tax breaks like the mortgage interest and charitable deductions would be preserved. 

With administration officials saying they want to get to work with Congress as soon as possible, a statement from Senate Majority Leader Mitch McConnell, R-Ky., House Speaker Paul Ryan, R-Wis., and other top GOP lawmakers said:

“The principles outlined by the Trump Administration today will serve as critical guideposts for Congress and the Administration as we work together to overhaul the American tax system and ensure middle-class families and job creators are better positioned for the 21st century economy.” 

The plan would also eliminate the estate tax that Republicans often deride as the ‘death tax’ and the 3.8 percent tax on investment income under ObamaCare. 

DO NOT MISS: Bill Holter: Paper Currencies Approaching Their Real Value: Zero (Video)

Officials said an underlying goal is to simplify the tax system, noting that the increase in the standard deduction would mean far fewer households would have to itemize their deductions.

Mnuchin also called for a one-time tax on corporate money overseas, predicting it would bring trillions of dollars back to the U.S. 

BE SURE TO CHECK THELASTGREATSTAND.COM FOR SURVIVAL GEAR!

Survival-2-2

FREE DETAILED GUIDE TO SURVIVING ECONOMIC COLLAPSE OR MARTIAL LAW HERE

IF YOU READ NOTHING ELSE, THE FOLLOWING POSTS ARE ESSENTIAL:

Bill Holter: Paper Currencies Approaching Their Real Value: Zero (Video)

Bill Holter: Global Economic System Is Going to Resemble Caveman Times Soon

Peter Schiff: “Default or Not, U.S. Dollar Is Going to Collapse Either Way” (Video)

Jim Rickards Discusses Looming Shut Down of the Entire US Economy (Video)

Dr. Jim Willie: Worst Bond Crisis in 15 Years, World Quickly Losing Confidence in US 

Bill Holter: Between Now and Election Will Be Extremely Dangerous (Video)

Dr. Jim Willie: We Are on the Brink of World War; Americans Totally Clueless - Pt. 1

Dr. Jim Willie: We Are on the Brink of World War; Americans Totally Clueless - Pt. 2

Bill Holter: Newly Solidified Chinese Superpower Will Replace Dead U.S. Dollar (Interview)

Peter Schiff: Don’t Believe the Hype! The Real Economic Fallout From Brexit (Video)

How Will the U.S. Conduct Trade With Worthless U.S. Dollars and No Gold? (Video)

Why Did Illuminated George Soros Liquidate 37% of His Stock to Buy Gold? (Video)

FOR MORE LINKS ON MARTIAL LAW:

Reports of Active U.S. Military Drilling for “Authoritarian Rule of Law” (Martial Law)

U.N. Soldier Says They Will Soon Occupy America: “Going Door-to-Door Taking Guns…” 

1,500 Pages of New Documents That Reveal U.S. Government’s Martial Law Agenda (Video) 

Mainstream Media Blasts Alternative News Personality on FEMA Camps (Videos)

Ron Paul: Undeniable Proof Martial Law Is Coming Because of the Economy (Video)

Virginia Police and Homeland Security Doing Exercises for Marital Law Conditions (Video)

Latest News on Government’s Preparing For Civil War or Martial Law (Videos)

Martial Law Convoys Sent to Baton Rouge, Dallas, and St. Paul Before Shootings (Videos)

Pentagon Approves U.N. Use Of Force Against American Civilians (Video)

What Is the U.S. Government Endlessly Preparing For (Videos)

Patriot Films Shocking New Video of a FEMA Camp Recently Discovered in Texas

Major Update to Military Movement and Actual Documentation of Their Plans (Video)

United Nations Troops on U.S. Soil Prepared to Assist With Martial Law? (Videos)

Obama Has Prepared FEMA for All Four Storms… Are You Prepared?

13 States Obama Is Using for His Nefarious Secret Agenda (Video)

Obama: Be Ready For EMP Attacks, Engineered Pandemics, Earthquakes, and Martial Law

How Likely is Martial Law in the US, and What Happens Under Martial Law 

Law Enforcement Preparing For Rioting on National Scale (Videos)

All Armed Americans To Be Detained In FEMA Camps Starting In 2017? (Video)

Beware of Martial Law: Obama Will Confiscate Firearms Of All 50 States in 2016

Army Not Prepping for Battle; Training For Riot Control and Martial Law

Pentagon Says Preparing For Huge Civil Unrest in U.S. (Videos)

Political Dissidents Homes Being Marked By FEMA Prior to Martial Law?

Government “Threat List:” 8 Million People To Be Detained Immediately

 

THE VOICE OF REASON:
   
Website: http://thelastgreatstand.com​
Facebook: https://www.facebook.com/LastGreatStand
Instagram: https://www.instagram.com/thelastgreatstand/
Youtube: https://www.youtube.com/c/RightWingConspirator
Google + https://plus.google.com/+Thelastgreatstandconspirator/posts
Twitter https://twitter.com/#!/LastGreatStand
Seen.Life http://www.seen.life/profile/21900069-voice-of-reason
Minds https://www.minds.com/VoiceofReason
Grassfire http://grassfire.com/users/voiceofreason/profile/
Tea Party Community https://www.teapartycommunity.com/profile-151600/
Before it’s News http://beforeitsnews.com/contributor/pages/405/008/stories.html​
Right.IS /contributor/pages/351/169/bio.html

 

SUBSCRIBE TO  THE TOP STORIES OF THE WEEK IN THE NEWSLETTER HERE

seenlife

FACEBOOK | GOOGLE+ | TWITTER | PINTEREST | STUMBLE UPON | TUMBLR

FREE GUIDE TO ECONOMIC COLLAPSE OR MARTIAL LAW…

AT THE OFFICIAL BLOG SITE BELOW!

Final1-yellow

WWW.THELASTGREATSTAND.COM

FACEBOOK | GOOGLE+ | TWITTER | PINTEREST | STUMBLE UPON | TUMBLER

seenlife

 

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Today's Top Stories

Most Recent Stories

Register

Newsletter

Email this story
Email this story
Share This Story:
Print this story
Email this story
Digg
Reddit
StumbleUpon
Share on Tumblr
GET ALERTS:

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.