Mixed Responses To President Trump's Proposed Tax Reform Plan

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Assuming leadership already has a plan to offset a reduction in the corporate tax rate to 20 percent, we only need an extra $277 billion in revenue over 10 years to cover the additional rate cut.

The plan, meant to be a framework for Congress to negotiate into legislation, still has missing parts.

President Donald Trump speaks in Indianapolis, Wednesday, Sept. 27, 2017. "I don't care if you have to lay across the Senate floor and force them to remove you bodily from the chamber".

Information for this article was contributed by Peter Baker of The New York Times; by Mike DeBonis of The Washington Post; and by Alexis Leondis and Sahil Kapur of Bloomberg News.

Under Argall's plan, all school property taxes would be eliminated and the funding stream for public schools would be replaced by: 1) raising the state personal income tax from 3.07 percent to 4.95 percent; and 2) taking the state's 6 percent sales tax to 7 percent and applying it to a broader base of goods and services. People who itemize deductions on their tax returns and live in high-tax states, for example, maylose a valuable deduction in their state and local taxes.

"On the numbers, it's a tax increase for New Yorkers", Cuomo said.

Importantly, the plan goes a long way toward fixing our business tax system, which makes it hard for us businesses to invest in new equipment and new factories. Chuck Schumer (D-N.Y.). "If they don't get the deduction, doubling the standard deduction is not going to make up for or come close to it". Permanent expensing must be a primary component of any tax reform plan that emphasizes economic growth and job creation.

"We have literally lost opportunities to land big organizations that wanted to hire thousands of people here because our corporate tax policy at the federal level is not competitive with any other organized industrial nation around", Baker said. "It literally is taxing the taxes you pay".

But he said there is a trend in the proposals from Trump and Congress that seems to favor Republican-dominated states over Democratic ones.

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A similar effort to ax the deductibility in the 1980s was beaten back.

"Someone needs to honestly explain to working-class households why they'd want to get anywhere near this thing", said Jared Bernstein, a former chief economist to Vice President Joe Biden. "That's incredibly important to New Jersey and I'm trying to lead the charge in that area", said Lance.

The potential change also has business leaders concerned.

Meanwhile, a think tank's analysis finds some middle-class New Yorkers could save a small amount of money under the income tax portion of the plan.

For the majority of American manufacturers that file taxes as sole-proprietors, corporations or partnerships, Trump said his administration will cap their top tax rate at a maximum of 25 percent. It does not set the income levels at which the new brackets kick in.

The ambitious framework released Wednesday sketched out a range of tax changes - including lower taxes on corporate profits, incentives for business investment, fewer and lower individual income tax brackets and the end of estate taxes - that Republicans said will boost economic growth and benefit middle-income families.

Will the special reduced rate for carried interest survive?

The plan also preserves tax benefits to encourage work, higher education and retirement security. The framework also would limit the deduction for net interest expense incurred by C corporations but does not provide any specifics on what percentage of the net interest deduction would be disallowed.