Trump Promotes Republican Tax Cuts, Says 'Rebirth of American Industry Has Begun'

Daybreak interview about Pres. Trump's tax reform proposal on Sept. 28 2017

President Donald Trump proposed on Wednesday the biggest US tax overhaul in three decades, calling for tax cuts for most Americans, but prompting criticism that the plan favors business and the rich and could add trillions of dollars to the deficit. In his speech to an IN crowd, he said: "I'm doing the right thing, and it's not good for me". The American middle-class family of four could take advantage of a heftier child tax credit and other deductions but face uncertainty about the rate its household income would be taxed.

"Around the world, governments are reducing their business tax rates to better compete for investment and create jobs", said James Pearson, chief executive of the Australian Chamber of Commerce and Industry.

The president's speech is expected to include populist themes and touch upon the importance of boosting domestic manufacturing.

Mr. Trump later said the US economy will take a "little bit of a hit" from the recent hurricanes - Hurricane Irma, Hurricane Harvey and Hurricane Maria, although he still believes the quarter will finish strong. But since the plan doesn't specify at what income level the top bracket would kick in or what the additional rate would be, it's not possible to calculate how big a tax cut the rich would get here.

One of the key points in the reform plan is a reduction in the corporate tax rate to 20 percent, from 35 percent. Under the Trumpublican plan, my tax burden in 2017 would shrink by $500. Mr. Trump also touted the proposed repeal of the Alternative Minimum Tax, a tax on the wealthy that forced him to pay $31 million in taxes in 2005.

Earlier in the week, Trump called the tax plan a once in a lifetime opportunity to reform the nation's tax code.

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The president and congressional Republicans this week released the outlines of a almost $6 trillion tax cut plan that would deeply reduce taxes for corporations, simplify tax brackets and almost double the standard deduction used by most tax filers.

Trump said that the rate cut for pass-throughs will result in the lowest top marginal rate for small- and medium-sized businesses in more than 80 years.

Some outside budget experts estimate the blueprint could slash government tax revenue by more than $5 trillion over a 10-year period.

Cutting that to 25 per cent could mean big tax savings for small-business owners, but also be vulnerable to abuse by other individuals and companies, analysts said. Under his proposal, mortgage interest and charitable giving would still be deductible.

The plan caps the tax rate on business profits at 25%.

Another thing the reform does is gets rid of writing off state and local taxes, which in a high-tax state like NY, could hurt property owners.

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