Heartland Institute Experts React to President Trump’s Tax Plan
President Proposes Slashing Income, Corporate Rates, Eliminating Estate Tax
The
- Replacing the existing seven income tax brackets with three at new rates: 10 percent, 25 percent, and 35 percent.
- Eliminating the Alternative Minimum Tax and the Estate Tax.
- Nearly doubling the standard deduction for married couples, from
$12,600 to$24,000 . - Lowering the corporate tax rate from 35 percent to 15 percent, and allowing many S-Corps to file under that 15 percent mark.
- Instituting a "tax holiday" for the repatriation of overseas corporate capital.
The following statements from tax policy experts at
________________________________________
"Although the exact details will need to worked out by lawmakers, Trump's tax blueprint contains many good starting points for lawmakers to use along the road to reforming America's tax code. Eliminating the death tax – a tax on assets owned by an individual and passed on to descendants after one's passing – as well as flattening personal income tax brackets are just two ways Trump's tax plan will help fix our broken tax structure.
"Lawmakers should work with Trump to help get the government out of the business of distorting individuals' economic decisions as much as possible, and the 'Trump blueprint' is a great start towards that goal."
Research Fellow, Budget and Tax Policy
Managing Editor,
jhathaway(at)heartland(dot)org
312/377-4000
________________________________________
"The promise and appeal of Trump's tax reform plan is that it would be enormously pro-growth, like the tax cuts of both Reagan and Kennedy. See
Senior Fellow for Entitlement and Budget Policy
pferrara(at)heartland(dot)org
703/582-8466
________________________________________
"Capital gains remains at 20 percent, which is still way too high. We can 'pay' for the cuts by rolling back regulations, selling federal properties, cutting entitlements, laying off federal workers, eliminating agencies, letting go of stealth workers who operate under contract from the feds, and eliminating state workers who are tied to federal regulations and transfers. If you did all this, potential annual economic growth might approach 5 percent."
Consultant
Policy Advisor,
c.garbacz(at)psc.state.ms.us
601/961-5413
________________________________________
"
Executive Editor,
jhaskins(at)heartland(dot)org
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Read the full story at http://www.prweb.com/releases/2017/04/prweb14286347.htm
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