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Trump to rally manufacturers in tax speech Friday

01 October 2017

"Those with the very highest incomes would receive the biggest tax cuts", TPC's report, the first in-depth analysis of Trump's proposals, notes. "With your help and your voice, we will bring back our jobs, we will bring back our wealth, and for every citizen across this land, we will bring back our great American dream".

The plan will provide "the lowest top marginal income tax rate for small and medium-sized businesses in more than 80 years".

The push for tax reform comes after repeated failures on behalf of Republicans to repeal Obamacare, and Treasury Secretary Steven Mnuchin said recently that tax cuts are "on track" to occur by the end of the year.

"Tax reform is important in order to grow the economy and to create opportunities for families across NY and the nation", Faso said.

Trump and congressional Republicans unveiled the broad outlines of the tax plan earlier this week.

Jay Timmons, president and CEO of the association, said Trump is a leader "who has made manufacturing the engine of our country".

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And many people wouldn't get a tax cut at all.

Donald Trump's tax plan will likely benefit the wealthy like himself - even if he says it won't.

A better way to pass along benefits to the middle class would be to allow those making less than $200,000 to pass on to their heirs some of their Social Security benefits that they paid for over their lifetimes. But it doesn't set the income levels at which the rates would apply, so it's unclear just how much change there might be for a typical family or whether its taxes would be reduced.

However, a recent study found that lowering tax rates on corporate dividends, which went into effect in 2003, did not encourage corporate investment or hiring. The American middle-class family of four could take advantage of a heftier child tax credit and other deductions but face uncertainty about the rate its household income would be taxed.

The Committee for a Responsible Federal Budget, a Washington-based policy group, estimated on Wednesday the plan contained about $5.8-trillion of total tax cuts over a decade and would have a net cost of $2.2-trillion through 2027. If you own your own business, you'd only benefit from the cap if you would otherwise be subject to a tax rate higher than 25%. They represent about 95 per cent of all US businesses. Under the Trumpublican plan, my tax burden in 2017 would shrink by $500. Also slated for elimination is the alternative minimum tax, a supplemental tax for certain individuals, corporations and estates that enjoy exemptions that lower their income tax bills.

Australian businesses are at risk of being left further behind in the global competition stakes as the U.S. proposes a radical attack on business taxes and red tape. Deductions for mortgage interest and charitable giving would remain, but the plan seeks to end most other itemized deductions.

Trump to rally manufacturers in tax speech Friday