Trump’s “Phenomenal,” “Massive,” Tax Plan: Main Points

It’s been almost three months since the original “phenomenal” tax plan promise, and it’s been five days since Trump assured us something “massive” was coming.

Well, here it is. A proposal. You decide how “phenomenal,” “massive,” “bigly,” etc. it is and, more importantly, how likely it is to fly on Capitol Hill.

Via Bloomberg

  • COHN SAYS `ONCE-IN-A-GENERATION’ CHANCE ON TAX REFORM IS NOW
  • COHN: WILL REPEAL AMT
  • COHN SAYS WILL REPEAL DEATH TAX, OBAMACARE DIVIDEND TAX
  • MNUCHIN: TAX GOAL IS TO MAKE U.S. BUSINESSES MOST COMPETITIVE
  • MNUCHIN: PLAN WILL BRING BACK TRILLIONS FROM OFFSHORE
  • COHN: SPECIFIC DETAILS TO BE RELEASED AT `APPROPRIATE MOMENT’

Via Reuters

  • Trump proposes doubling standard deduction Americans can claim on tax returns – White House summary
  • Trump proposes 15-percent business tax rate – White House summary
  • Trump proposes repealing estate tax, alternative minimum tax – White House tax plan summary
  • Trump proposes reducing number of U.S. tax brackets to 3 from 7 – White House tax plan summary
  • Administration working with Congress to create low tax rate for companies that repatriate overseas earnings: Mnuchin
  • Mnuchin says objective is creating growth, administration believes a 3-percent growth rate is sustainable
  • Cohn says deduction for state and local taxes will be eliminated

Knee-jerk is “mehh“…

  • USD PARES GAINS AFTER TAX PLAN PRESENTATION

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7 thoughts on “Trump’s “Phenomenal,” “Massive,” Tax Plan: Main Points

  1. Spicer looks pretty lost up there. Poor guy can’t catch a break. He’s either spinning things in a cycle that doesn’t make sense, or he’s subjected to information that he totally doesn’t understand.

  2. how does Trump propose to pay for all the increases in spending he has ranted about – like the huge increase in military (which actually may be needed if he continues to piss off every other country on the world map) and fix the infrastructure (bridges and streets he has bitched about, corroded underground pipes), additional personnel needed for his ‘door-to-door’ immigrant searches, etc.

    Oh, now I remember his love of filing bankruptcy and then having the debt/expenses lowered bigly and then he got all he wanted for much less than the original plan! I am sure he plans on deleting any funds spent to assist other country’s poverty issues as well as most of the poverty issues in the United States. I have also noticed that some of his big plans are not in sync with some of his other plans – or is that just me not keeping up?!

  3. Step one: Cut everyone’s taxes
    Step two: ?
    Step three: 4% GDP growth, high paying jobs for all, and unicorns! Oh, and a wall. Gotta have that wall.

    Not to mention if the freedom/budget caucus threw a hissy fit over healthcare, they will have a hernia if they hold to the group’s principles. A few “If’s” in there, so we’ll see what happens.

  4. Are we winning YET? Uh………well……NO………SH*T………HUGE……….BIGLY………BIG LEAGUE………….ANY MINUTE NOW.

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