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Another key factor among the 2017 tax law changes enacted during Trump’s first term was the provision that brought the U.S. corporate income tax rates in line with those levied in Europe and Asia.
Voters responded to Trump discussing his plan to make the government more efficient and cut taxes for families while at the World Economic Forum in Davos on Jan. 23.
One major concern regarding Trump's proposed tax plan is its potential impact on the federal deficit. Estimates suggest extending these tax cuts could increase the deficit by over $3.7 trillion ...
At the very top of Republicans’ 100-day agenda with President-elect Donald Trump in the White House and GOP lawmakers in a majority is the plan to renew some $4 trillion in expiring tax cuts.
An analysis by The New York Times found that if Trump's tax plan had been in place in 2005 (the one recent year in which his tax returns were leaked), he would have saved $11 million in taxes. [203] The analysis also found that Trump would save $4.4 million on his eventual estate tax bill. [ 203 ]
But business’ taxes make up just 6% of all US tax revenue compared to 41% from individuals’ income taxes, according to the Tax Foundation. And Trump wants to lower the corporate tax rate. And ...
This made the 2017 tax plan less popular than any tax proposal since 1981, including the tax increases of 1990 and 1993. [152] Trump has claimed the tax cuts on the wealthy and corporations would be "paid for by growth", although 37 economists polled by the University of Chicago unanimously rejected the claim. [153]
3. Harris wants to scale up tax credits for families and first-time homebuyers, while Trump wants to create new tax breaks. Trump’s Tax Cuts and Jobs Act expanded the child tax credit (CTC) for ...