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Trump pitches tax cut as 'middle class miracle'

Trump pitches tax cut as 'middle class miracle'

"Our plan was based on a 3 percent GDP growth".

Cohn acknowledged that the impact on tax filers depends some on where they live, since the plan eliminates the deduction of state and local income taxes. "We have to remember that debt is a tax on future generations, and so we talk about the immediate benefits, but also we have to recognize - if this added to the debt signfiantly, we are simply transferring a tax to future generations". "And similarly, when they have said at times this would not be a tax cut for high-income people, they can not deliver on that either".

Pressed on whether Trump himself could see a tax cut under the plan, Cohn said the administration was "very confident that Americans are getting a great deal here".

I am all for keeping the deduction for charities with the stipulation that a minimum of 85 percent of donated money goes directly to the charity and that administrative costs can be no more than 15 percent.

According to the most recent IRS analysis of individual tax returns, 70.4% of taxpayers claimed the standard deduction on their tax return.

The blueprint released Wednesday by Trump and congressional Republicans is a sweeping, almost $6 trillion tax cut that would deeply reduce taxes for corporations, simplify everyone's brackets and almost double the standard deduction used by most Americans.




But, Trump's tax plan would do away with many deductions, which could increase federal taxes for Americans who itemize their deductions.

Gary Cohn, the president's top economic adviser, said the "once-in-a-lifetime opportunity" to overhaul the USA tax code convinced him to remain in his White House position after he considered resigning in the wake of Trump's controversial response to a violent white supremacist rally in Charlottesville, Virginia, last month.

While Trump and other rich people stand to save millions, it's unclear whether middle-class Americans will receive a tax cut at all, let alone save enough to buy new cars and take family vacations. Joint filers would deduct $24,000, up from the current $20,800, which includes the standard deduction and two personal exemptions. "You could find me someone in the country that their taxes may not go down", Cohn told reporters at a briefing.

For the middle class in particular, it's hard to tell. Possibly gone would be people's ability to deduct state and local taxes as well as eligible medical expenses. "But the more important thing is to pay smaller taxes out of a bigger paycheck".

"We are running a debt of $20 trillion-plus", said G. William Hoagland, a senior vice president at the Bipartisan Policy Center and a longtime Republican budget aide.


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