Trump pretends his tax plan won't be a giveaway to the wealthy

Iraqi Kurds to vote on independence

Iraqi Kurds to vote on independence

"It will be an enormous challenge for Congress to cut the rate below even 30 percent without losing a large amount of tax revenue". "Go Congress, go!" No, Congress, slow down. (Both of those would have an outsized impact on states that have relatively high state and local tax rates and housing costs.) Getting the rest of the way without embarrassingly optimistic economic projections would require massive spending cuts, the burden of which would fall disproportionately on lower income households, while the benefits of the cuts would disproportionately go to the wealthy. Is there anything they can't do? (Of note here: President Trump on Thursday said that the tax package being devised will be revenue neutral once economic growth is factored in.) But absent such new ways to pay for the tax cuts, the rates being discussed are likely to meet some resistance from Republicans anxious about rising deficits.

According to the accounting firm PwC, the actual corporate tax rate in China is 25%.

Trump told reporters aboard Air Force One on Thursday that the tax reform plan would be revenue neutral, if economic growth spurred by the legislation is taken into account.

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What economic problem - specifically - are these tax cuts meant to solve? So I think they're going to end up doing something much more modest, because they A - can't get it past these deficit hawks without taking away some of the sacrosanct areas that Americans have gotten used to. The House is no problem, but the Senate, with the requirement of 60 votes to overcome a filibuster, is much harder. "Republicans want less revenue so we can bolster and increase the economy", Hatch said. Of course we will.

Even the loophole-closing and deduction-limiting administration officials are hinting at would only cut the red ink in half - and it would involve going after sacred cows like the mortgage interest deduction and deductions for state and local taxes. It's about growth! And jobs! I don't know what they're going to be able to do. 3 percent, 4 percent, 5 percent. You see, given that the GOP has devoted so much energy to the prospect of tax cuts, failure to attain that prize in all likelihood will leave the party more divided and dispirited than ever before.

"I think they're very aggressive on this". Because many Democrats have largely staked out a position against reducing the highest individual tax rates, Trump's comments may lead to some compromises ultimately, he said.

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Nor, in Summers' view, would rising stock prices from a lower corporate tax rate shore up the pensions of firefighters, police officers and blue collar workers, as Cohn has argued. Republicans point out the USA corporate tax rate is the highest in the world, but in fact most companies pay a far lower rate, and after deductions and credits the highest effective tax rate is just over 19 percent.

Kenneth Rogoff, a professor of economics and public policy at Harvard, joined us to break down some of the issues in this tax reform minefield. If anything, they're likely to be passed on to wealthy shareholders. The GOP has not publicly released many specifics of a possible bill, beyond a joint statement from the Big Six and a one-page outline from the White House earlier this year. "We talked about the global average, we talked about everything in-depth to where they said 'OK, let's look at this and see how we can make this work'". Not bad! But if you're in the top 1 percent, you'd get a cut of $271,340.

The eventual plan the Republicans release might or might not resemble that outline. Democrats have criticized Republican plans as too favorable to the wealthiest Americans and corporations.

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