We still need to see Trump's tax returns

EY Says Trump Cuts May Be Tax Push for High Incomes

Vera Richards | 04 October, 2017, 00:47

"I just don't think that's the case", Mnuchin said. That's why Senate Minority Leader Charles Schumer warned Trump on Wednesday that Democrats would not support any tax reform plan that helps the wealthiest American earners. Many would argue that part of the American Dream rests in one's ability to pass one's wealth down to one's children, but this can not be fully achieved when up to 40 percent of a deceased person's wealth is required to go to the federal government, according to the Internal Revenue Service. Instead, this plan would set the rate at 20 percent for corporations (down from 35 percent) and 25 percent for small businesses (down from 40 percent for many firms). By continuing to pair successive revenue raisers with additional cuts, tax rates can be pushed even lower and more distortions can be removed from the tax code.

They went on to use the money saved during the holiday to buy back stocks, "a way to enrich insiders and executives". "If we simply look at this as being deficit-neutral, you're never going to get the type of tax reform and tax reductions that you need to get to sustain 3 percent economic growth".

"As a general matter in tax reform you have to acknowledge that you can not negotiate with everybody's single pay-for", said Doug Holtz-Eakin, who runs the American Action Forum, a conservative group that's working with GOP leaders on taxes. We need a 21st century tax code that keeps business here, grows the economy, and allows the American people to keep more of their hard-earned pay.

For these reasons, repealing the state and local tax deduction would be an important move toward broadening the tax base.

Trump and the Republicans won the election by promising jobs and prosperity. Then, they'll have to be merged into one bill in a conference committee that can pass both chambers. And despite repeatedly claiming they would provide a "middle-class tax cut", it was clear from the meager details provided that this plan offered nothing of the sort. While this is definitely Reaganomics in the works - cutting taxes at the top to see employment gains at the bottom - it is only so to a degree that we may indeed see gains in employment, rather than the massive gains in wealth inequality that we saw during the 1980s.

Donald Trump's latest tax-cut plan would be a steroid injection for the US economy. Hatch cast doubt on the prospect, saying he prefers to limit it to three brackets, but hinted that political pressure could motivate the White House to add a fourth one.

For seven years, they promised to repeal the Affordable Care Act, and when they gained control of everything still could not get it done, even under special procedural rules that skipped such niceties as public hearings, open debate and amendments by members.

Across Washington, lobbyists of all stripes have been waiting for months to see tax details and keeping their powder dry until full details are revealed - suggesting that ready-made opposition awaits actual tax legislation.

Whether you support the idea of eliminating the SALT deduction probably depends less on some inherent virtue of that longstanding tax break and more on the practical question of how that money will be used. They also face concerns from within their own party that the cuts would explode the deficit.

Corker warned that raising trillions of dollars to pay for the individual and business tax cuts will require making "very tough decisions" that'll be made tougher "when the army of lobbyists roll in here" to protect their treasured carve-outs.

Facebook admits it promoted fake Vegas massacre stories

BloodSource Calls For Donors In Wake Of Las Vegas Shooting

03 October 2017

Stanton finishes just shy of 60 home runs
It was another no-doubter for Stanton, who is the first player to reach 58 home runs since Ryan Howard with the Phillies in 2006. Kyle Freeland (11-11) gave up two runs and five hits in three innings in his first start since September 11 for the Rockies.

03 October 2017

Ex-Armyman told to prove Indian citizenship
After serving the Army for 30 years, a former Army man in Assam is accused of being a foreigner from Bangladesh. The notice asked him to present his case before September 11 but the notice landed at his address late.

03 October 2017

Rock singer Marilyn Manson crushed by falling stage prop, set cut short
On Sunday (October 1), we learned that he would be cancelling nine dates on his current Heaven Upside Down Tour . Marilyn Manson Injured by a falling prop during NYC concert Saturday night, September 30, 2017. "Heading home.
03 October 2017

England whitewash West Indies
Bairstow was also striking the ball beautifully at the other end, reaching fifty in 48 balls shortly before Roy's departure. Despite all the Ben Stokes and Alex Hales drama that is surrounding them, England have been terrific at home.

02 October 2017

Carolina Panthers at New England Patriots
The Patriots defense is last in just about every category but this weekend they will make their move to come out of the basement. Come tomorrow afternoon, the Patriots will be 3-1, and will begin to take a solid hold of first place in the AFC East division.

01 October 2017

Bali's Mount Agung Could Erupt at Any Minute
Of course, Indonesia , with more than 100 active volcanoes , is no stranger to preparing for the increased seismic activity. The mountain, which sits about 70 kilometers northeast of Kuta, is among more than 120 active volcanoes in Indonesia .
Facebook admits it promoted fake Vegas massacre stories
Twitter Inc. also is facing heat over the prevalence of anonymous, automated accounts - or bots - on its platform. Facebook has set up a crisis response page so people who are in Las Vegas can let people know they are safe.

02 October 2017

Iraq suspends global flights to Kurdistan after independence vote
At the same time, he rejected any challenge to Iraq's sovereignty and territorial integrity. Iran is one of the main exporters of fuel products to Kurdistan, IRIB said.

01 October 2017

United States gets warm words from China's Xi ahead of Trump visit
The President's visit to China will reciprocate a trip to the United States made in April by Chinese President Xi Jinping. He will also emphasise the importance of fair and reciprocal economic ties with America's trade partners.
03 October 2017

Rahul may take charge as Congress prez after Diwali, says Sachin Pilot
The party's Central Election Authority (CEA) is finalising state lists of the electoral college for the election of party president.

02 October 2017

Bale likely to miss Espanyol clash
Following La Liga's refusal to abandon the match, Barca made a decision to play behind closed doors as a means of protest. It depends on his fitness, nothing else. "We'll take it day by day".

01 October 2017

Bondi: OJ Simpson not welcome in Florida
But Simpson wasn't off the hook after the not guilty verdict; the families of Goldman and Brown filed suit for wrongful death. But he was found liable for their deaths in a civil case in 1997 and ordered to pay the victims' families $33.5 million.

BloodSource Calls For Donors In Wake Of Las Vegas Shooting Corley said regional donations will be needed in the coming days to replenish the blood supply. Most people older than age 16 and weighing more than 110 pounds are eligible to donate .

Trump homeland security officials praise recovery efforts in Puerto Rico According to the administration, more than 90 percent of the island now is now accessible; some 200 gas stations are open. The President highlighted the massive devastation that has played out in the nine days since Hurricane Maria hit.

Rahul Gandhi can't see Gujarat's development through Italian glasses: Amit Shah "We demand answer for three generations of Gandhi family to people of Gujarat; to Sardar Patel; to Morarji Desai", Shah said. Amit Shah rubbished allegations made by Rahul Gandhi and said that the Gujarat Model has been a tremendous success.

'We're not Nazis, you've shown that by electing me' - new Ukip leader A banner was superimposed with an image of Mr Farage posing as Adolf Hitler with the European Union logo in the background. A former soldier and police officer, Bolton won a tight seven-way race, taking 29.9% (3,874) of the overall votes.

Shocking map shows Maria winds lashing North Carolina Maria was expected to move out into the Atlantic Ocean Wednesday night and Thursday, dissipating as it reached the open ocean. Maria was a Category 1 hurricane as it moved northward in the Atlantic, but it weakened to a tropical storm on Tuesday .

Seahawks Use 2nd-Half Surge To Rout Colts 46-18 Penalties, a drop and a turnover all contributed to a scene the Colts have seen too many times already this year. Besides the usual suspects, the Fantasy scoring just might not be there for fringe players in this one.

Trump tells Puerto Rico After more than a week of desperation, many were still unable to access essentials including food and water. FEMA director Brock Long admonished her for not being in closer contact with relief coordinators.

Will Cooper Kupp bounce back for Rams in Week 4 against Cowboys? It's about time for Ezekiel Elliott to look more like last season's version and prove to be more than Los Angeles can handle. That happened to the Rams against running backs who did not finish top 10 in rushing previous year .

Wallabies send home trio to prepare for end of season tour He continued: 'I've seen the footage, they've been going pretty good and I know how that New Zealand game can go against you. Rugby is a amusing game, now five games into a six-game tournament, we still don't know if the Springboks are good or bad.

San Juan Mayor Carmen Yulín Cruz continues to advocate for Puerto Rico CORRECTION: This story has been revised throughout to correctly attribute all quotes to the interview subjects who said them. Duke was speaking to reporters on the tarmac in San Juan before boarding a helicopter for an aerial look at the devastation.

Remmers not listed on injury report for Vikings In the season opener against the Vikings Peterson was visibly upset with head coach Sean Payton after receiving limited carries. Even during his Pro Bowl year (2015), he ranked 33rd among 47 qualified players in yards per carry (4.0).

Ravens players kneel, pray for 'unity and justice' before national anthem Demonstrations continued for a second week following President Trump's criticism of players who kneel during the anthem. The Ravens (2-1) might be in worse straits than the Steelers after they were pounded 44-7 by the Jacksonville Jaguars.

Trump races to catch up as Puerto Rico crisis escalates Life on the island remains hard, however, with residents lining up in the sweltering heat to get gas, food and cash. Meanwhile, containers full of aid supplies are sitting in the port of San Juan , unable to be delivered.

Puerto Rico: Trump lashes out at San Juan mayor This morning, Trump wrote a series of Tweets attacking the mayor, writing that Cruz must have been instructed by Democrats to be "nasty" to him.

India vs Australia: Fifth ODI Squads, Preview, and Predictions Batting first, thanks to David Warner's 124 and Aaron Finch's 94 Australia posted a huge total of 334/5 on board. Got a pretty good opening partnership, but we needed one big partnership, chasing 330, which we didn't get.

We still need to see Trump's tax returns

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