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Republican Tax Plan Seeks Big Cuts, Retention of Popular Deductions

Republican Tax Plan Seeks Big Cuts, Retention of Popular Deductions

The plan foresees a 20 percent corporate income tax rate, down from 35 percent now. The top tax rate for these taxpayers is now 39.6 percent.

So-called pass-through businesses that pay taxes through the individual code - from mom-and-pop operations to large partnerships such as law firms, hedge funds and some of Trump's own businesses - would see their top tax rate drop to 25 percent from 39.6 percent.

The so-called Big Six is expected to release an outline for a tax overhaul sometime this week, perhaps on Wednesday.

A majority of the country, 51 percent, thinks Trump's plan will mainly help the wealthy.

He said "I hope" the top corporate tax rate will be cut to 15 percent from the current 35 percent.

Google pulls YouTube from Amazon Echo Show for ToS violations
On Tuesday evening, Gizmodo received a tip that Amazon's personal assistant could no longer play videos from the Google service. The company also said that this decision is disappointing and hurts their customers as there is no any technical reason.

Many in the party are eager to move on to tax reform.

For individuals, the top tax bracket would likely drop from almost 40 percent to 35 percent, and the bottom tax rate will increase from 10 percent to 12 percent, CBS News' Major Garrett has confirmed, according to sources on the Hill and in the lobbying community.

The plan aims to simplify and cut taxes for the middle class by doubling the standard deduction to $12,000 for individuals and to $24,000 for married couples. The plan will focus on cutting taxes for individuals and corporations and will significantly increase the standard deductions allotted. "Today's proposal hints at some of the avenues that lawmakers will pursue to pay for their desired tax reductions; these include eliminating business tax credits, repealing individual itemized deductions, and limiting business interest deductions". Among those that would remain are the prized tax credit for research and development and the low-income-housing credit, which many Democrats support.

"The president's newly unveiled tax plan shows the GOP is out of touch with working Americans", Senate Minority Leader Charles Schumer said. It also could spark an intra-Republican debate over how to tax the highest earners.

In theory this means that companies would not be taxed on their overseas earnings, but to prevent erosion of the tax base, Republicans plan to impose some form of tax on foreign profits at a rate that has yet to be determined. The idea now under consideration would allow for a fourth rate at the very top, likely somewhere between the 35% in proposals and the existing top rate of 39.6%. Or will some of it get pushed into the upper tax bracket? It's again hard to determine the exact impact on a particular family because the plan lacks critical details. "It's the difference between one term and two", Graham said.

The GOP's latest Obamacare repeal bill is dead
The awkward decision is up to Senate Majority Leader Mitch McConnell , who has endured three failures already this year. Because of Obamacare, health care costs for the average American family have skyrocketed, Cassidy said.

-For at least five years, businesses would have more leeway in writing off business investments.

Analysts have warned that huge tax cuts would balloon the federal deficit and debt if the economic growth projected by Republicans fails to materialize amid rising interest rates.

When asked specifically whether income taxes paid by businesses should be reduced, the country is split about evenly: 45 percent support and 48 percent oppose corporate tax cuts.

"To prevent companies from shifting profits to tax havens, the framework includes rules to protect the USA tax base by taxing at a reduced rate and on a global basis the foreign profits of US multinational corporations". This is a combination of a "repatriation holiday" with what amounts to a forced repatriation. "Health care involves around one-sixth of the USA economy, while taxes covers pretty much everything".

The only way to make the magic math of the tax cuts work is to take money away from programs that help people at the bottom of the economy and redistribute it to the people at the top. That will flesh out the framework released Wednesday, filling in the proposed tax break changes.

J&K: Top Hizbul Mujahideen militant Qayoom Najar killed
Najar came to the limelight after the attacks on mobile towers and killings of six civilians in Sopore and its adjacent villages. Najar, also known as Jan Sahib and Ishfaq, was a resident of Mumkak in Sopore, and had joined the militancy in 1999.


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