Treasury Secretary Steve Mnuchin and National Economic Council Director Gary Cohn just wrapped up a briefing for reporters right now on President Trump’s new tax plan.
In summary:
Trump's tax reform:
–individual rates 10, 25 and 35%
–childcare tax credit
–15% business rate
-repeal death tax
-repeal AMT
-repatriation pic.twitter.com/yKfx8mRWZK— Jennifer Jacobs (@JenniferJJacobs) April 26, 2017
The plan also calls for the elimination of all deductions except for mortgage interest and charitable contributions…
Trump plan wld eliminate all individual tax deductions except for the mortgage interest and charitable deduction, Mnuchin says.
— Christina Wilkie (@christinawilkie) April 26, 2017
…which means it would eliminate deductions for state and local taxes. In other words, blue states:
Trump WH to House Republicans in NY, NJ, CA: Drop dead.https://t.co/KmJ24V0ZLU
— Brian Fallon (@brianefallon) April 26, 2017
By eliminating state and local tax deduction, Trump plan would hit coastal states such as CA and NY hard
— John Harwood (@JohnJHarwood) April 26, 2017
Well, Dems in these states have said that taxes should go up. Now they’ve gotten their wish.
Although other high-tax states, some of which just went red, will be furious as well:
Recommended
https://twitter.com/lex_nyc/status/857292700177092618
According to Mnuchin and Cohn, the plan will “pay for itself” through economic growth:
Mnuchin says tax cut plan "will pay for itself" by stimulating econ growth, eliminating deductions and closing loopholes. pic.twitter.com/QeA7Xg70QF
— Mark Knoller (@markknoller) April 26, 2017
But there are still a lot of details to work out:
Asked whether tax reform plan will pay for itself, Treasury Sec. Mnuchin: "we are still working on lots of details…"
— Jim Acosta (@Acosta) April 26, 2017
Mnuchin won't commit to Trump opposing tax plan if it's not deficit neutral. Simply says "economic plan under Trump will grow the economy"
— Alexandra Jaffe (@ajjaffe) April 26, 2017
Eliminating the state/local deduction would be a great conservative reform, that would drive blue state Dems to level 11. https://t.co/HLE6a02FGc
— Philip Klein (@philipaklein) April 26, 2017
So many unanswered Qs on Trump tax plan. Part of their "pay fors" on this will be "dynamic scoring"; won't be universally accepted by Cong
— Chuck Todd (@chucktodd) April 26, 2017
Is the plan actually anything new, however?
This Trump tax 'plan' is the same as the one released last fall. If his team has been working on it for the last 6mos, we didn't see it 2day
— Zeke Miller (@ZekeJMiller) April 26, 2017
Next step, “listening tours” to sell it:
"We will hold listening sessions" as tax reform is negotiated, Mnuchin says.
— David M. Drucker (@DavidMDrucker) April 26, 2017
With the goal of getting it done by the end of the year:
Mnuchin: “We are determined to move this as fast as we can and get this done this year”
— Zeke Miller (@ZekeJMiller) April 26, 2017
As for Trump releasing his tax returns, nope:
Treasury Sec. Mnuchin tells @jonkarl "the president has no intention" of releasing his tax returns. https://t.co/kDgSW5oElL pic.twitter.com/Iq4EJ3p1vE
— This Week (@ThisWeekABC) April 26, 2017
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