Tax

Trump Could Save More Than $1 Billion Under His New Tax Plan

Highlighted areas show what parts of President Trump’s 2005 tax return could have been affected by the new tax plan. President Trump could cut his tax bills by more than $1.1 billion, including saving tens of millions of dollars in a single year, under his proposed tax changes, a New York Times analysis has found. On Wednesday, the White House ...

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A Fight Erupts to Shield Tax Breaks Threatened by G.O.P. Plan

The deduction is a key incentive for people to buy homes, since it reduces their taxable income by the amount of interest paid on a mortgage. Real estate agents worry that doubling the standard deduction may provide a richer tax break than itemizing and claiming the mortgage deduction. “We have always said that tax reform — a worthy endeavor — ...

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Tax, Lies and Videotape – The New York Times

You can read The Times Editorial Board’s analysis — that the plan relies on the discredited notion that tax cuts for the rich help everyone — here. Howard Gleckman of the Tax Policy Center, probably the single best source for tax analysis, writes that the plan “may cut taxes modestly for some middle-income households, but it appears to be a ...

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There’s much to dislike about Trump’s tax plan, but lowering the corporate tax rate isn’t it

The long-awaited tax-code overhaul that President Trump and top congressional Republicans unveiled Wednesday got the predictable reception from Democrats, who denounced the dramatic cuts for businesses and individuals as handouts for the wealthy. And to some extent, they’re right: The framework does propose a prodigious amount of relief for America’s Most Compensated, including ending the estate tax, lowering the top ...

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Fact-checking President Trump’s tax speech in Indianapolis

President Trump announced his tax plan on Sept. 27 in Indianapolis. We fact checked his address. (Meg Kelly/The Washington Post) President Trump’s speech on the administration’s still-somewhat-vague tax plan, delivered in Indianapolis on Sept. 27, was filled with many of his favorite, inaccurate claims. For instance, he repeatedly says he is offering the “largest tax cut in our country’s history,” ...

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Markets Live: Banks underpin ASX

The ASX is holding onto gains at lunchtime but is off early highs, with the benchmark up 5 points, or 0.1 per cent, to trade at 5670. Early gains were fuelled by optimism over US president Donald Trump’s tax reform plans, which lifted stock markets in the US, although economists believe the proposal – short on detail – will face major ...

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Trump Proposes the Most Sweeping Tax Overhaul in Decades

On the individual side, the plan would collapse the tax brackets from seven to three, with tax rates of 12 percent, 25 percent and 35 percent, the president said. The current top rate is 39.6 percent and the lowest rate is 10 percent. The framework also gives Congress the option of creating a higher, fourth, rate above 35 percent in ...

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The new GOP tax plan would reduce income taxes for the wealthy. How would that affect the economy?

After months of speculation, President Donald Trump and GOP leadership released their “Unified Framework For Fixing Our Broken Tax Code” on Wednesday. In addition to cutting the corporate tax rate and ending various deductions and loopholes, the plan significantly changes the individual income tax rate structure. The plan would reduce the number of income brackets from seven to three: 12%, ...

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Trump’s Indianapolis speech: LIVE UPDATES

CLOSE President Donald Trump and Vice President MIke Pence are both planning trips to the Hoosier state to advocate for the change. Nate Chute/IndyStar President Donald Trump waves to the crowd after taking the oath of office during the 2017 Presidential Inauguration at the U.S. Capitol.(Photo: Robert Hanashiro/USA TODAY) Update 12:20 p.m. Here’s an excerpt from the speech President Trump ...

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Republic ‘should not be afraid’ of US tax reform plans

Ireland has little to fear from plans by US president Donald Trump to slash the US corporate tax rate to 20 per cent in a bid to lure US companies to return home. This is according to Liam Diamond, an expert on international tax and inward investment with PwC Ireland. He said the effective rate that is being proposed would ...

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