PIA Comments on Trump Tax Reform Plan

A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul South Korea. – AP

A currency trader works at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul South Korea. – AP

Forward-looking Canadian businesses may also want to consider the potential impact on their businesses if US tax reform were to result in "increased competitiveness" of USA companies, both inside and outside the United States. Chairman And CEO David A. Ricks: "When President Trump came to my company's hometown of Indianapolis on Wednesday to lay out his tax-reform plan, it was welcome news. It would have to be changed radically for that to happen", said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center.

That being said, the proposed system does not appear to be a pure territorial system in that it suggests that a reduced tax rate (presumably below 20 percent) will continue to apply to the foreign profits of USA multinational corporations prior to the repatriation of the earnings. "This is going to be a very, very big tax cut for the highest income people".

The outline represents an agreement on principals for tax reform legislation between the House, Senate, and the White House. He acknowledged that some middle-class families might see tax increases.

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San Juan's mayor is slamming a Trump administration official for referring to Puerto Rico's suffering as "a good news story". Puerto Rico's governor and other U.S. officials had argued that a waiver would expedite supplies to the island.

Simplification of the Tax Code: The plan attempts to simplify the tax structure for both individual and corporate taxpayers.

For individuals, the framework proposes reducing the number of personal tax brackets from seven to three, which would be taxed at 12%, 25% and 35%. But Democrats and Republicans stood together against narrow special interests and voted overwhelmingly to create a simpler and fairer tax code. That benefits people as they become more upwardly mobile. The plan says it would "significantly increase" those credits by an unspecified amount.

Yesterday, the so-called "Big Six", as in Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Majority Leader Mitch McConnell (R-KY), House Speaker Paul Ryan (R-WY), House Ways and Means Chairman Kevin Brady (R-TX), and Senate Finance Committee Chairman Orrin Hatch (R-UT), released what they are calling their Unified Framework for Fixing Our Broken Tax Code. Without those adjustments, Americans would lose ground to the government over time, as more of their income would be taxed at higher rates due to the general rise in prices.

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He was taken to a nearby hospital for evaluation and was said by the Packers to be conscious and with movement in his extremities. Trevathan, who received a personal foul penalty, could possibly face suspension over the seemingly illegal hit. "We'll see.

Tea Party Patriots President Jenny Beth Martin: "Tea Party Patriots and our network of grassroots activists are excited by the framework President Trump and Republicans in Congress have released for top-to-bottom tax reform". That's because families will lose the personal exemption. We note that it's an open question whether it's a complete territorial tax system, as the framework also mentions a way to still tax the foreign profits of USA multinational corporations at a reduced rate. These reforms will be a tremendous boost to the middle class.

Only about 30 percent of families itemize deductions, so the effect of losing the state and local tax deduction will be far from universal. As the end of the campaign draws to a close, the videos featuring beef producers have already been viewed a combined 317,000 times and have reached more than 590,000 people on Facebook. "I wouldn't imagine anyone is getting a giant hike in their tax rate or a giant cut", said Aparna Mathur, a resident scholar in economic policy studies at the American Enterprise Institute. In addition, the framework will no doubt initiate "open season" for tax lobbying and other forms of politicking as various interest groups try to preserve their interests. Even a financial whiz like me hires a tax professional to get down and dirty with the numbers each year. "There's no question about it", said Douglas Holtz-Eakin, president of the American Action Forum.

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