Published: Mon, May 01, 2017
National | By Mildred Castro

Trump Tax Plan Could Lead To Tax Increase For Some New Yorkers

President Trump on Friday pushed back on criticism that his tax plan will help the wealthy, claiming that he will personally pay more in taxes under the new system, despite not having released details on his taxes.

President Trump's Treasury Secretary Steve Mnuchin, former hedge fund manager and Goldman Sachs partner, called Trump's tax proposal the "biggest tax cut and largest tax reform in the history of our country".

These are the people who have been left behind by an increasingly globalized economy.

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Right now, that's not an option for Trump's tax plan. But Trump's top economic adviser used some bad math to describe the proposal, raising questions. The mortgage interest and charitable contributions deductions would stay, but that wouldn't matter if numerous 600,000 Long Islanders who itemize could no longer do so. That's because most lower-income taxpayers take the standard deduction, and that's being doubled.

Cohn said the deduction would create "a zero tax-rate for the first $24,000".

And those criticisms could mean Republicans will be on their own when it comes to passing the biggest attempt at tax reform and tax cuts since Ronald Reagan did it more than 30 years ago. The official wasn't authorized to publicly discuss the plan before Trump's announcement, and spoke on condition of anonymity. Under the Trump plan, self-employed Americans could incorporate and be taxed at 15 percent, rather than pay higher personal rates. David Perdue of Georgia, told CNBC earlier the same day that he could not support the bill if it included a border adjustment tax over concern that it would raise costs for consumers. While it wasn't very detailed, the plan more or less includes what everyone expected. Though specifics are still unclear, under one portion of the new plan, corporations-including Kentucky's most profitable companies-would get a tax break.

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As expected, Trump's plan reduces the top corporate income tax rate from 35 percent to 15 percent. But there's no detail on which incomes fall under each bracket.

Pressed repeatedly about Trump's tax returns, Mnuchin refused to pursue the topic. Inheritance and gift taxes are only a problem for very rich people such as Trump and the Koch brothers. In 2017, up to $5.49 million of an estate is already exempt from federal taxation. Because of that, he instead paid $38 million. For instance, the administration wants to eliminate taxpayers' ability to deduct state and local taxes on their federal returns, which would hurt the constituents of some Republicans in Congress. "That is a awful situation for this country but last year is not this year".

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