Free Republic

We’ll dig through the tax reform details as they become available. However, pragmatic #MAGA Trump supporters would be wise not to get too far out in advance of supporting this GOPe tax reform package yet. The reason for caution is quite simple. Notice the players, the key constructionists. These are the exact same Decepticons who constructed the TPP (Trans Pacific Partnership) trade deal, and who operate in DC on behalf of their multinational corporate sponsors and benefactors. The representatives within this press conference are the EXACT SAME members who constructed TPP and pushed Trade Promotion Authority (TPA) to ensure its...

The conservative House Freedom Caucus endorsed the Republican Party’s framework for tax reform on Wednesday. Rep. Mark Meadows, R-N.C., released a statement from the group announcing their support for the plan. Meadows told reporters on Tuesday that he’d draw a “red line” at a 20 percent corporate rate, and would oppose any bill that went higher. “This is a once-in-a-generation opportunity” to offer “historic tax relief to the American people,” President Donald Trump said during a speech in Indianapolis on Wednesday. “I’ve been waiting for this for a long time.” “My plan is for the working people and my plan...

RUSH: We’ve got that. We got the Republican tax plan that was introduced. One thing about these tax plans. You know, it’s okay to have a reaction, and this clearly deserves one, but what they put forth in the early stages is never what they end up voting on. This is gonna go through a whole bunch of changes and other things. And it may never get to a vote like Obamacare. You have to realize what we’re talking about. We’re talking about people who don’t want to really do anything on taxes. They’re forced to make it look like...

Top White House and GOP leaders have agreed to raise the lowest individual tax rate from 10 to 12 percent, paired with doubling the standard deduction, 5 senior Republicans tell us. Why this matters: Trump intends to sell the proposal tomorrow as a populist "tax cut." But as recently as yesterday top Republicans on Capitol Hill were nervous as they got word that Trump wasn't entirely thrilled with the product that had been hashed out in immense secrecy for weeks (with two members of his administration, Gary Cohn and Steven Mnuchin, working with GOP leaders.)

President Trump and Republican leaders plan to cut the top tax rate for the wealthiest Americans to 35 percent and dramatically reduce taxes on big and small businesses, according to details leaked to Axios. Why it matters: It's the first glimpse of the tax reform plan agreed upon in secret between the "Big Six" congressional leaders and administration officials. It forms the starting point of the tax reform process, which will play out over the coming months. The big change: The GOP leaders and the White House plan to cut the top tax rate for “pass through" businesses from...

Financial markets and most media pundits are missing the new writing on the wall. For a variety of reasons surrounding shrewd moves by President Trump, the chances for significant tax cuts in the next ten weeks have risen sharply. Since the Charlottesville blow-up in mid August, when the president’s fortunes were at low ebb -- and I’ll repeat my view that there’s not a white-supremacist, racist, hateful bone in Trump’s body -- we’ve witnessed a dramatic executive turnaround. Trump beautifully handled the hurricane emergencies. His bipartisan political pivot to “Charlie and Nancy” to keep the government open and raise...

Is the GOP getting serious about tax reform at last? Republicans in Congress say they'll unveil the outlines of a consensus plan in two weeks, as President Trump hits the hustings to stump for tax reform. We hope this isn't another false start. "Reform" is one of those words that sounds easy, but really isn't. Every political interest group has a dog in the fight, and no one wants to give up a cherished deduction. And few politicians want to be seen as cutting taxes on Americans in the top income brackets or corporations, a sure way to be accused...

President Donald Trump said on Wednesday the rich might see a hike in taxes as he pursues a major tax overhaul with outreach to Democrats who oppose cutting rates for the wealthy, while Republicans in Congress set a timetable to unveil their plan. “I think the wealthy will be pretty much where they are,” Trump said of taxes on the rich, without specifying the income level. “If they have to go higher, they’ll go higher, frankly.” “I think the wealthy will be pretty much where they are,” Trump said of taxes on the rich, without specifying the income level. “If...

President Trump spoke after his bi-partisan meeting with members of congress and said that individuals in the middle class will definitely be receiving tax cuts, the corporate rate must be 15%, and the rich will either stay where they are or have a slight increase on their tax rate. Wednesday morning Trump tweeted that congress must work swiftly in passing the tax reform package. The approval process for the biggest Tax Cut & Tax Reform package in the history of our country will soon begin. Move fast Congress!— Donald J. Trump (@realDonaldTrump) September 13, 2017 "I think the wealthy will...

Rep. Dave Brat (R) is warning that the leadership in Congress is punting on tax-reform until 2018. With Republicans in complete control of all branches of government including Congress and the Presidency they have yet to pass any meaningful legislation. After a major flop on Obamacare repeal and replace the rumor is that in the Republican lead Senate 'that tax reform is not going to take place until next year, for some reason.' Rep. Dave Brat writes that, 'Senate leadership is hinting (or just flat-out stating) that they will craft a tax plan with Democrats in order to get to...

Not that anyone in the LSM would get this, as well as some in the Establishment in D.C., but Nancy Pelosi and Chuck Schumer blinked yesterday on raising the debt ceiling in order to give their support to Hurricane relief efforts. How you ask? Two words . . . Tax Reform. For awhile now the trial balloons have been floating in the air about what the Trump Administration wants to see as the basic way to reform the system to push more tax relief to the middle class and corporations while not giving the upper levels of income a break...

The Talk Shows Sep 3rd, 2017 Guests to be interviewed today on major television talk shows: FOX NEWS SUNDAY (Fox Network): Treasury Secretary Steven Mnuchin; Texas Gov. (R) Greg Abbott. MEET THE PRESS (NBC): Houston Mayor Sylvester Turner; Sen. Roy Blunt, R-Mo. FACE THE NATION (CBS): Federal Emergency Management Agency Administrator Brock Long; Turner. THIS WEEK (ABC): To be announced. STATE OF THE UNION (CNN): Gov. Greg Abbott, R-Texas; Sen. Jeff Flake, R-Ariz.; Rep. Barbara Lee, D-Calif.

During a speech in Missouri detailing the administration's plans for tax reform on Wednesday, President Donald Trump name-checked Sen. Claire McCaskill (D-MO), urging the cheering crowd to “vote her out” if the senior senator doesn't support his proposal. “And your senator, Claire McCaskill, she must do this for you,” Trump said, referring to moving on taxes. “And if she doesn't do it for you, you have to vote her out of office.” The line from the president elicited a roaring ovation from the crowd gathered at a manufacturing company in Springfield. “She's going to make that commitment. If she doesn't...

Americans on average spent more on taxes in 2016 than they did on food and clothing combined, according to data released this week by the Bureau of Labor Statistics. The same data also shows that in three years—from 2013 to 2016—the average tax bill for Americans increased 41.13 percent. In 2016, according to BLS, “consumer units” (which include families, financially independent individuals, and people living in a single household who share expenses) spent more on average on federal, state and local taxes ($10,489) than they did on food ($7,203) and clothing ($1,803) combined ($9,006). The average tax bill for American...

WATCH: President Trump Deliver Tax Reform Speech In Springfield, Missouri 8/30/2017 - President Trump Speech in Springfield, MO 8/30/2017 President Trump Participates in a Tax Reform Kickoff Event - President Trump Remarks on Tax Reform President Trump heads to Missouri today to build on a key message from his speech in Phoenix last week: that he's going to give Americans "the biggest tax cut in the history of our country."

Congressional Republicans, seeking to address the complaints of small businesses, are floating changes to their controversial proposal to eliminate business tax deductions for debt interest payments, business lobbyists said on Tuesday. A top U.S. Republican on tax policy acknowledged that modifications are in the works, but did not provide details. The debt interest proposal, long seen by Republican policymakers as necessary to help drive economic growth, is backed by large companies with ready access to equity financing that they could substitute for debt if eliminating the interest deduction made issuing debt too costly. Debt-dependent small business owners, farmers and ranchers...

With a sweeping overhaul of the tax code on the horizon, two Senate Democrats believe this is the moment to broach the third rail of climate change policy: a carbon tax. The plan by the senators, Sheldon Whitehouse of Rhode Island and Brian Schatz of Hawaii, to level a $49 per metric ton fee on greenhouse gas emissions is widely acknowledged as a long shot. But the lawmakers, along with climate activists and a cadre of conservative supporters, insist the tax reform is a way to create bipartisan support. The senators propose to use a portion of the estimated $2.1...

Top White House adviser Steve Bannon is pushing for tax reform to include a new 44 percent top marginal tax rate, hitting people who earn more than $5 million a year, with the revenue paying for tax cuts for the rest, according to three people who’ve spoken to him recently.

And more! We told you yesterday about the Trump plan to reduce the corporate tax rate from 35 percent to 15 percent, and to make a similar move on the repatriated profits tax. Later in the day, more detailed emerged about Trump’s larger tax proposal. Via CNBC, here are the high points: Trump’s plan will cut the number of income tax brackets from seven to three, with a top rate of 35 percent and lower rates of 25 percent and 10 percent. It is not clear what income ranges will fall under those brackets. It would also double the standard...

Details of the Trump Administration tax reform plans began trickling out Wednesday, revealing plans to massively simplify the tax system, adjust tax rates for individuals and businesses, and eliminate several taxes including the AMT, inheritance, and specific Obamacare taxes. During the 1:30 p.m. White House press briefing, a document was provided to journalists with the following Trump Administration tax reform framework: 2017 Tax Reform for Economic Growth and American Jobs The Biggest Individual and Business Tax Cut In American History Goals For Tax Reform Grow the economy and create millions of jobs Simplify our burdensome tax code Provide tax relief...