The White House announced a one-page tax reform plan on Wednesday, and some of the points Stockman highlighted include: Three tax brackets, double standard deduction and the reduction of corporate and non-corporate business taxes down to 15 percent.In all fairness, fiscal calamities are sort of what Washington does anyway, aren't they?
In a research note this week, Goldman Sachs pegged the cost of the tax plan to just under $5 trillion, when factoring in key changes such as repealing of the state and local tax, and a 35 percent top marginal rate instead of 33 percent. Goldman analysts expect the tax bill is "fairly likely" to become law, but warned progress could be slow.
"I like [the tax plan] but you have to pay for it either with a new tax like the border adjustment tax, which is dead, or spending cuts which Trump has ruled off the table," Stockman explained. "What you have down there is a total fiscal calamity that is going to basically dominate Washington."
Monday, May 01, 2017
The Art Of The Plan
Is President Trump's tax plan doomed from the start?
at May 01, 2017
Peace in our time? “The President and I, and our teams, have been and continue to be in regular contact about our shared goals,” McConnell s...
The regulators are still at it: Using the "altFEC" twitter account, one of several "alt" sites set up by government work...
Were they the ancestors of piano players? The brain circuits that led to two-sided tools and weapons such as hand-axes and cleavers are the ...
They really are after everyone's job: The study found that 42 percent of UK consumers believe their job is likely to be replaced by a ro...