David Haggith Blog | Tiny Trump Hands Deliver Teeny Tiny Tax Plan, US Stocks Collapse In Despair | Talkmarkets - Page 4
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My path to writing this blog began as a personal journey. Prior to the start of this so-called “Great Recession,” my ex-wife had a family home that was an inheritance from her mother. I worked as a property manger at the time, and near the end of 2007, I could tell from rumblings in ... more

Tiny Trump Hands Deliver Teeny Tiny Tax Plan, US Stocks Collapse In Despair

Date: Thursday, April 27, 2017 11:40 AM EST

 Lower the business tax rate from one of the highest in the world to one of the lowest

Individual Reform

 Tax relief for American families, especially middle-income families:

• Reducing the 7 tax brackets to 3 tax brackets of 10%, 25% and 35%

• Doubling the standard deduction

• Providing tax relief for families with child and dependent care expenses

 Simplification:

• Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers

• Protect the home ownership and charitable gift tax deductions

• Repeal the Alternative Minimum Tax

• Repeal the death tax

 Repeal the 3.8% Obamacare tax that hits small businesses and investment income

Business Reform

 15% business tax rate

 Territorial tax system to level the playing field for American companies

 One-time tax on trillions of dollars held overseas

 Eliminate tax breaks for special interests

Process

Throughout the month of May, the Trump Administration will hold listening sessions with stakeholders to receive their input and will continue working with the House and Senate to develop the details of a plan that provides massive tax relief, creates jobs, and makes America more competitive—and can pass both chambers.

 

 

If you voted for Donald Trump, you got trumped

Trumped you!

 

In other words, it is a plan to start creating a plan!

And you thought I was just joking about how vague and utterly deplete of details this so-called plan is! After six months of poring over the details and laboring late into the nights, this fourth rendition of Trump’s plan is not that different from what he presented during the campaign, and it’s equal in depth of thought and detail to the kind of outline you come up with after a day of brainstorming and sorting out the the most-liked ideas.

Now that Team Trump has done all the heavy lifting, it falls to congress to turn this masterplan into months of argument and volumes of law.

I knew it was going to be pathetic; I didn’t know it was going to be deplorable.

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