Tax reform specifics expected to be announced at Trump's Indy visit

Tax reform specifics expected to be announced at Trump's Indy visit

I believe tax reform should include policies that will benefit working and middle class families, create new jobs, and protect existing jobs.

Trump wants to simplify the thousands-of-pages-long tax code, cut income taxes "not just a little bit, but tremendously" for the middle class, cut the corporate rate to as low as 15% and "bring back trillions of dollars in wealth" from USA firms "parked overseas".

Here's what the tax plan actually does. Trump made additional comments on the tax brackets on the tarmac on Sunday, but it wasn't clear exactly what he was referring to and the White House didn't immediately clarify his intention.

Taxing passthrough income at a maximum rate of 25%. "Today's proposal hints at some of the avenues that lawmakers will pursue to pay for their desired tax reductions; these include eliminating business tax credits, repealing individual itemized deductions, and limiting business interest deductions".

A territorial system taxes companies only on the profits they earn within the country in which they are based.

After the failure of Republicans to repeal the Affordable Care Act, passing tax legislation has become all the more crucial, and it is no accident that the Trump administration has chosen the Hoosier State, a reliably Republican part of the country.

While members of Trump's own administration have suggested that Trump's position on the corporate rate might be subject to compromise, the president may yet resist a plan with a rate higher than 15 percent, one person familiar with the matter said.

While the deductions on mortgage interest and charitable donations will remain, the standard deduction will double.

Repeal of the estate tax and the generation-skipping transfer tax. Early details obtained by NBC News reveal that the large tax breaks for corporations and individuals will be an expensive endeavor.

FedEx triumph in sight for Casey
Schauffele netted $1.58 million for winning the Tour Championship , while Thomas added $945,000 for his second-place finish. He turned pro and would get that first PGA Tour win three years later, missing the Tour Championship by one spot in 2012.

-Businesses whose income "passes through" to owners (the model for about 95 percent of all businesses) would be subject to a new tax rate of 25 percent, as opposed to the higher individual rate now assessed.

The plan will include changes to tax rules to prod companies to bring home an estimated $3 trillion in profits now stashed overseas to avoid high US taxes.

The plan also calls for the end of the alternative minimum tax, a provision that was originally created to ensure that the wealthy would not be able to avoid taxes altogether but which has become a burden on the middle class due to inflation and bracket creep. For example, will all income now taxed at 33 percent be taxed at 25 percent?

The Trump Organization, which still has ownership of, owns more than 500 pass through business entities. The current corporate tax rate is 35 percent. Real tax reform takes time to refine and build consensus, and the last thing this nation needs is unfunded tax cuts like those enacted under President George W. Bush.

The Trump administration's proposal for changes to the tax code will reduce the number of individual tax brackets, eliminate most personal deductions and lower corporate tax rates, according to senior administration officials.

The White House wants the plan passed by the end of the year.

The effect of such cuts on the $20 trillion federal debt remain to be seen.

Almost doubling the standard deduction.