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Trump plan promises huge tax cuts, but big questions remain

Source: neworleanscitybusiness.com/blog/2017/09/27/trump-plan-promises-huge-tax-cuts-but-big-questions-remain/ - Sep 28, 2017

Promising big tax cuts and a booming economy, President Donald Trump and congressional Republicans unveiled the first major revamp of the nation’s tax code in a generation Wednesday — a sweeping, $5 trillion plan that would deeply cut levies for corporations, simplify everyone’s brackets and nearly double the standard deduction used by most Americans.

Trump declared repeatedly the plan would provide badly needed tax relief for the middle class. But there are too many gaps in the proposal to know how it actually would affect individual taxpayers and families, how it would be paid for and how much it might add to the soaring $20 trillion national debt.

There clearly would be seismic changes for businesses large and small, with implications for companies beyond U.S. borders. 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.

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Category: General Business