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trump scales back his tax proposal

by:Kenwei      2019-09-14
NEW YORK —
Donald Trump unveiled a tax cut plan on Thursday that is expected to reduce federal debt, but also bring less benefits to taxpayers than his original proposal.
Compared with Trump\'s previous proposal, the plan significantly reduced the tax cuts for high-and middle-class earners, although it included more benefits for the country\'s lowest-income earners, an independent analyst at the Tax Foundation said.
It also scrapped a business tax clause that could yield a lot to companies in the Republican presidential candidate\'s business empire, which rival Hillary Clinton mocked as a \"Trump loophole \".
Trump tied the revisions to a proposal to cut $1 trillion in federal spending without involving security --
Network planning or defense;
Some federal regulations, including regulations to control air pollution and food safety, and new initiatives to open up more public and private land for oil and gas drilling.
The Tax Foundation says the updated tax plan will cost the government $2 after considering economic growth.
Over the past decade, taxes have lost 6 trillion, down from the $10 trillion he originally planned.
Trump\'s campaign has predicted the plan will come true.
Over the next decade, an increase of 5% a year to create 25 million new jobs is being questioned by the Clinton campaign and some outside analysts.
Trump gave a speech at a hotel ballroom a few blocks from Trump Tower in New York, setting out his economic blueprint.
In his speech, he sharply attacked Hillary Clinton, the Democratic rival, noting that her recent comments said half of his supporters were \"a basket of regrettable people \".
\"My plan will accept the fact that people thrive under the lowest government burden and will tap the incredible unfulfilled potential of workers and their dreams,\" he said . \".
In a moderate discussion after the speech, Trump again accused the Fed of being \"very political \".
The Fed operates independently of the administration.
Trump also said he would not allow the United States to default on debt.
\"The debt of this country is absolute and 100% is sacred,\" Trump said . \".
The speech was made at a time when the Trump campaign recently paid more attention to policy, as it tried to get through a devastating summer that was defined by Trump\'s intense personal struggles with different groups of people.
Over the past week, Trump has added new tax benefits to parents with children.
On Thursday, he announced several adjustments to his broader plan, which appeared to be primarily aimed at reducing the impact on the budget.
This clearly includes the removal of a clause that allows for \"passing through\" entities, a corporate structure that is popular with small business owners and the Trump empire company, to pay far less revenue than it currently does.
Economists at the Tax Foundation said they were instructed by the movement to change the treatment of passes
Through revenue, the initiative reduced the cost of the program by about $1 trillion to $2 trillion over a decade.
The plan will still reduce federal revenue by $4.
4 trillion or $2 in 10 years.
They estimate an increase of 6 trillion after considering additional growth.
To offset these losses, Trump said he would boost further economic growth by increasing energy production and reducing trade deficits --
Social security, medical insurance, Medicaid or defense are not involved.
This means a significant reduction in relatively few projects, including education spending and scientific research.
A senior policy adviser to Clinton, Jacob Leibenluft, tore up the proposals.
\"The bottom line after this is --
\"Trump has been implementing tax cuts that will give himself and his family billions of dollars,\" he said in a statement . \".
\"He will give tax cuts to wealthy families, while providing new key support to help working families, kids at college, medical research, etc.
In his speech, Trump highlighted the need to remove regulation, saying that regulation is an unnecessary burden for businesses.
According to a fact sheet from the Trump campaign, the regulations Trump wants to end include: the FDA rules governing \"soil farmers\' use, agriculture and food production hygiene, food packaging, food temperature, even animals can roam in which field and when.
He announced a cap on the total federal tax cuts Americans may require for personal income taxes, a move aimed at limiting tax incentives for the highest-income population.
This cap will be $100,000 per year for individuals and $200,000 for married couples.
His tax plan will also more than double the standard deduction for personal income tax for most workers, a move that will effectively protect millions of Americans from having to pay federal taxes.
The personal deduction will be increased to $15,000 and the married declarant deduction will be increased to $30,000.
The expanded standard deduction could dramatically change the way Americans calculate taxes.
Matt Jensen, director of the Open Source Policy Center at the American Enterprise Institute, estimated on Thursday that these changes would reduce the number of claims deducted item by item from 45 million to 13 million.
In another new detail, Trump said,S. -
Manufacturers at headquarters will be allowed to completely write off the cost of new plants and equipment from taxes to encourage investment, although if they choose to do so, they will give up their ability to deduct interest expenses.
Many of the other components of the plan seem to be unchanged from Trump\'s recent iteration proposal.
It reduced the federal tax grade from seven to three, with tax rates of 12%, 25% and 33%, respectively.
Tankersley reports from Washington.
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