Tax Cuts on the political horizon?

Melensdad · Sep 12, 2017

Reports are now coming out showing that the upcoming push by the White House will be on Tax Reform.

The backbone of the push will be a heavy travel schedule by President Trump to push tax reform, specifically tax cuts. He will apparently center his travel around states where he won the state, but where a Democratic Senator is up for re-election. The hope is to make the tax cut proposals part of an upcoming political discussion on both sides of the aisle, since tax cuts are widely popular. It could tip some seats to the Republicans ... it could also make the issue a bi-partisan issue that gains support from several Democrats as they hope to save their seats.

This article details some of the strategy, including having some cabinet members who have follow up trips to the same states that President Trump travels to in hopes of keeping the pressure up in the states where there is competition for the upcoming Senate seats.

What remains unknown are the actual tax cuts, how they will affect the brackets for individuals, how they will make the USA more competitive in the world economy, etc.

LINK >>> https://www.bloomberg.com/news/arti...ssive-road-show-to-sell-tax-overhaul-j7hb4fhi

President Donald Trump plans an aggressive travel schedule, taking him to as many as 13 states over the next seven weeks, to sell the idea of a tax overhaul as the administration tries to avoid repeating the communications failures of its attempt to repeal Obamacare.

With a make-or-break legislative battle looming on taxes, the White House is moving to clean up a disorganized communications operation, said four people familiar with the effort.

The strategy was revealed by top advisers to about 40 allies during a closed-door meeting last week. It calls for the president to visit states he won where a Democratic senator is up for re-election next year, including Florida, Indiana, Michigan, Montana, Ohio and Pennsylvania, said three people who attended...

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... The administration plans to mount the full-bore sales campaign even though congressional Republicans and the White House haven’t yet determined key elements of the plan, including tax brackets for individuals, a corporate tax rate, what popular tax advantages will be eliminated or even whether the changes will be permanent or temporary. It’s unclear when additional details will emerge.

Treasury Secretary Steven Mnuchin revealed one bit of the administration’s planning Tuesday at CNBC’s Delivering Alpha conference in New York, saying negotiators are considering making new provisions of tax law retroactive to the start of the year. That, he said, “would be a big boon for the economy.” ...

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... Although details of the tax plan remain fluid, the White House is planning for future speeches to highlight specific components of the proposed legislation. Those addresses will be drafted with input from the president himself ...

Melensdad · Sep 12, 2017

Another report, this time from CNBC, suggests that President Trumps goal of reducing corporate taxes to 15% would be a hard sell, but there are other options like making the new rates retroactive to Jan 1.

Could be interesting for everyone!

LINK >>> https://www.cnbc.com/2017/09/12/mnu...-number-one-priority-we-will-get-it-done.html

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Tax reform is one of the key planks of the agenda he pitched as a candidate, and he has made two recent speeches touting the benefits of changes to the tax system without offering new details.

Trump has promised a plan to chop personal income taxes, slash corporate and pass-through company rates and have a one-time repatriation tax to encourage companies to bring back cash parked overseas. Republicans still face questions about how they will make up for the revenue lost in major tax cuts, especially because they have abandoned border adjustment, a cash-raising provision championed by House Speaker Paul Ryan.

Mnuchin said Trump's goal of chopping the corporate tax rate to 15 percent could be difficult to achieve.

"I don't know if we'll be able to achieve that given the budget issues. But we're going to get this down to a very competitive level," Mnuchin said.

The Treasury secretary also addressed deductions, most of which the administration said it wants to eliminate under its tax plan. That includes getting rid of state and local tax deductions.

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300 H and H · Sep 12, 2017

The Democrats and the Republican anti Trump clan will never let Trump have his way with out a fight.

SO far on the really big issues, they are winning, and I don't see that changing much for now. :sad:

Regards, Kirk

rugerman · Sep 13, 2017

Ok guys Trump has not been president for very long, but he has already had a very positive effect on the economy-stock market is up, etc.
He has fixed a bunch that obama screwed up, illegals are not crossing the border at anywhere near the rate that was going on under obama,s watch. And they are shipping criminal illegals back home at a much faster rate.
So give him time, he is new to this, but I believe that he will do as promised-Make America Great Again, build the border fence, cut taxes, get rid of Obamacare, etc. Obama had 8 years to screw this country up, it will take some time to reverse that crap.
You also have to factor in that the republicans are not helping a whole lot with their lack of action on stuff that they were re-elected to get done. The republicans control both houses of congress, but they don't have the balls to get real change done, that has to change!

Melensdad · Sep 13, 2017

300 H and H said:
The Democrats and the Republican anti Trump clan will never let Trump have his way with out a fight...

I would not be surprised if Trump went to the Democrats for a tax win. Raise taxes on the super wealthy and cut taxes for the middle class & corporations. It would be a huge win for the Democrats. Huge. It would also be a win for the President. It would be a huge lose for the GOP.

rugerman said:
Ok guys Trump has not been president for very long, but he has already had a very positive effect...

He has fixed a bunch that obama screwed up...

So give him time...

You also have to factor in that the republicans are not helping...

I think Trump is frustrated by the fact that Speaker Ryan in the House is holding back legislation that was campaign issues for Trump. McConnell in the Senate is a similar obstructionist. Trump will work AROUND them if he can't work THROUGH them.

Bamby · Sep 13, 2017

I've always held to the belief that businesses itself should be tax free on the federal level. After all business itself doesn't actually pay taxes it's end consumers who actually pick up the tab.

Businesses create the needed jobs and opportunities we so desperately need in this country so why should they be burdened with taxation. They should be allowed to roll profits into the company and invest into moderation, inventory, or growth as they see fitting rather than sending it to DC to be wasted.

Their contribution should be held to and only to the distribution of taxable income taken out of the business. Don't you think the taxes paid and withheld from all the employees, shareholders, owners draws and perks to thew CEO's is enough contribution for their existence? I at least think so but your opinion may vary.

mla2ofus · Sep 13, 2017

Bamby, I totally agree about the end consumer paying all business taxes whether the business be large or small. I also agree any personal income derived from the business needs to be taxed.

Tax Cuts on the political horizon?

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator

Melensdad

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300 H and H

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rugerman

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Melensdad

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Bamby

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mla2ofus

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