Why Trump’s budget is the GOP’s biggest tax cut ever

The Republican tax plan passed Thursday would add $1 trillion to the federal deficit and slash revenue for decades to come.But the biggest cuts are likely to come in the form of big tax cuts for high-income earners.And they won’t come in big tax breaks for small businesses.It’s unclear how much of a boost Trump’s…

Published by admin inSeptember 17, 2021
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The Republican tax plan passed Thursday would add $1 trillion to the federal deficit and slash revenue for decades to come.

But the biggest cuts are likely to come in the form of big tax cuts for high-income earners.

And they won’t come in big tax breaks for small businesses.

It’s unclear how much of a boost Trump’s tax cut will bring to the economy.

The tax plan would eliminate a number of deductions that are commonly used to reduce the income tax rate.

It also lowers the corporate tax rate, which Trump said would be 35% from 35% under the plan.

But many of the other changes in the plan would be especially popular with the rich.

For instance, the bill would eliminate the estate tax, which affects the richest Americans at a rate of 0.9%.

It would also lower the corporate rate from 35 to 15%, a break that Trump said he was trying to create.

But it would still require a minimum of $10 million in annual income for each family of four to be exempt from the estate.

It would raise taxes on the wealthy in a variety of ways.

It cuts the child tax credit, which would provide $1,000 for every child in the family to get $1 a week from the government, and also cuts the Earned Income Tax Credit, which is a refundable credit for workers.

Trump has said he wants to eliminate the federal minimum wage.

But his budget proposes raising it to $15 an hour, and it would cut the corporate income tax rates from 35%-45%.

The plan would also provide $10,000 to every child who works full-time, or earn more than $250,000 a year, and would extend the child credit for another year.

The biggest tax cuts are also likely to be in the corporate sector.

The plan cuts taxes on businesses and large corporations to reduce revenue and will leave them with less to invest.

But those tax cuts would mostly go to the wealthy, and they would disproportionately benefit companies in the high-tech and financial sectors.

Trump would also increase the top individual tax rate from 39.6% to 39.7%.

The bill would also eliminate the Alternative Minimum Tax, which gives a tax break to wealthy individuals who itemize their tax returns.

Trump said in the final budget that he was going to eliminate this loophole.

Republicans say they will also reduce the top corporate tax to 15% and eliminate the alternative minimum tax, but that would only benefit the wealthiest taxpayers.

“These are the kinds of policies that Donald Trump promised on the campaign trail, and the details in this proposal are really just more of the same,” said Matt Levine, a senior vice president at the National Taxpayers Union.

“It’s really a continuation of the failed trickle-down tax policies of the Obama administration.”

Democrats say the bill will make the rich pay more.

They point out that the tax plan includes an increase in the child and dependent care tax credit for families with incomes up to $1 million.

It includes a reduction in the estate and alternative minimum taxes.

And it also raises the estate income tax, a tax that is levied on estates that exceed $5.45 million.

Many of the wealthy get their tax breaks through deductions like the charitable deduction, and some wealthy families will pay more in taxes.

But most wealthy families pay no taxes on those deductions.

The wealthiest taxpayers will pay about $4,700 in taxes on an individual income of $1.9 million and $6,400 on an income of more than that, according to a new analysis by the Tax Policy Center.

This isn’t just about tax cuts, however.

It’s about Trump’s agenda to boost corporate profits and the economic growth that would come from that.

This is the second major tax cut in Trump’s first term that hasn’t made it into the final bill.

The House passed its version of the tax bill earlier this month, but the Senate will have to vote on it before it becomes law.

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