Wednesday, 23 May, 2018

Fact check: Claims about Trump's tax plan don't hold up

Fact check: Claims about Trump's tax plan don't hold up Fact check: Claims about Trump's tax plan don't hold up
Orlando Vargas | 07 May, 2017, 11:47

National Economic Director Gary Cohn, left, accompanied by Treasury Secretary Steve Mnuchin, speaks in the briefing room of the White House, in Washington, Wednesday, April 26, 2017, where they discussed President Donald Trump tax proposals.

But until we actually get to see his taxes, it will be very hard to know how much of a benefit Trump himself is getting from his tax plan.

President Trump's plan to overhaul the federal tax code threatens to fall disproportionately on residents of liberal-leaning states, a short-term boost for state governments that could turn into a long-term drag.

To which Mnuchin responded: "The president has no intention". We say plan, but on a single page, it's more of list of talking points, devoid of detail.

"I don't think anybody expects us to rollout bill language on Wednesday".

Currently, the American tax code has seven brackets. The estate tax (also known as the "death tax"), which is a tax payable on the net value of a deceased person's estate and ranges from 20 percent to 40 percent, would be eliminated entirely.

The threat of a rising budget deficit could erode support for the plan among lawmakers in Trump's own Republican Party.

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Though most market participants are not sure if Congress will pass any of these tax proposals, the Trump administration seems confident about the materialization of the tax plan, even if a second attempt at canceling the Affordable Care Act flops.

If your parents' estate is worth less than $10.9 million, you don't have to worry about this tax.

For decades, Republicans have made cutting taxes for the wealthy and powerful priorities over investing in America's young people, building stronger communities or expanding opportunity for struggling families. "It couldn't come at a worse time". The benefit to Trump could run as high as tens of millions of dollars a year.

"The same trickle-down economics that undermined the middle class are alive and well in the president's tax plan", said House Minority Leader Nancy Pelosi, D-Calif. But the plan is similar in outline to Trump's campaign proposal, which would have given almost half its benefits to the wealthiest 1 percent of Americans, while middle-income households would have received barely 7 percent of the cuts. She added, "What few details are here overwhelmingly cut taxes for the richest and do little for middle class Americans and those trying to get there".

Trump's new plan is silent on this issue as well. The 9/11 terrorist attacks were partly to blame for the sluggish economic growth.

Even the conservative Tax Foundation, which has rarely seen a tax cut it didn't like, foresees at least a $2 trillion gap. Here is some real math: "Debt is twice its historical average; higher as a share of the economy than any time outside of the World War II era; and growing faster than the economy with no end in sight". But it's Republicans in Congress from those three areas who have already started to push back about the provision's possible elimination, according to Bloomberg's Sahil Kapur. If not, the base may get huffy. At what income levels the higher rates would become applicable was not revealed. CNN quotes one griping senior GOP aide as saying, "It's really easy to talk about big cuts". The current rate is 28% for income that qualifies, and it hits individuals who otherwise would benefit from a sharply lower effective tax rate because of deductions.

Alan Viard, resident scholar at the American Enterprise Institute, says administration officials will nearly certainly ensure that no one pays a higher rate on the same income.

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