{"id":39711,"date":"2017-09-29T20:29:26","date_gmt":"2017-09-30T03:29:26","guid":{"rendered":"http:\/\/siliconeer.com\/current\/?p=39711"},"modified":"2017-09-29T20:29:26","modified_gmt":"2017-09-30T03:29:26","slug":"trump-unveils-once-in-a-generation-tax-reforms","status":"publish","type":"post","link":"https:\/\/siliconeer.com\/current\/trump-unveils-once-in-a-generation-tax-reforms\/","title":{"rendered":"Trump Unveils \u2018Once-in-a-Generation\u2019 Tax Reforms"},"content":{"rendered":"

President Donald Trump speaks about tax reform at the Indiana Farm Bureau building on the Indiana State Fairgrounds, Sept. 27, in Indianapolis, Indiana. (Brendan Smialowski\/AFP\/Getty Images)<\/em><\/p>\n

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President Donald Trump has introduced \u2018once-in-a-generation\u2019 tax plans which he said will bring relief to the working Americans, spur job growth and reform the tax code, writes Lalit K. Jha.<\/b><\/p>\n

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Promising a \u201cmiddle class miracle,\u201d Trump proposed to reduce the current seven tax brackets to just three of 10, 25 and 35 percent; double the standard deductions and provide relief for families with child and dependent care expenses.<\/p>\n

\u201cThis is a once-in-a-generation opportunity, and I guess it\u2019s probably something I can say that I\u2019m very good at. I\u2019ve been waiting for this for a long time,\u201d the billionaire-turned-politician said.<\/p>\n

\u201cWe\u2019re going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans, and we are going to bring back the jobs and wealth that have left our country\u2014and most people thought, left our country for good,\u201d Trump said in his speech in Indiana, Sept. 27.<\/p>\n

Observing that for several months, his administration has been working closely with the Congress to develop a framework for tax reform, Trump said the House and Senate over the next few months will build on this framework and produce legislation that will deliver more jobs, higher pay, and lower taxes for middle-class families, and for businesses of all sizes.<\/p>\n

\u201cWe want tax reform that is pro-growth, pro-jobs, pro- worker, pro-family, and, tax reform that is pro-American. It\u2019s time to take care of our people, to rebuild our nation, and to fight for our great American workers,\u201d he said.<\/p>\n

Trump, a real estate mogul, has an array of properties, including hotels, golf courses and casinos.<\/p>\n

Ruing that the total business U.S. tax rate is 60 percent higher than its average foreign competitors in the developed world, Trump said by doing so the U.S. has \u201csurrendered\u201d its competitive edge to other countries.<\/p>\n

\u201cBut we\u2019re not surrendering anymore. Under our framework, we will dramatically cut the business tax rate so that American companies and American workers can beat our foreign competitors and start winning again,\u201d he said.<\/p>\n

\u201cWe will reduce the corporate tax rate to no higher than 20 percent. That\u2019s way down from 35 and 39 which is substantially below the average of other industrialized nations.<\/p>\n

Calling the move a \u201crevolutionary change,\u201d Trump said the \u201cbiggest\u201d winners from this program will be the everyday American workers as \u201ccompanies will start competing for American labor and wages will start going up at levels that you haven\u2019t seen in many years.\u201d<\/p>\n

Trump said corporations have parked many trillions of dollars in foreign countries, and many have incorporated abroad in order to avoid the punitive tax system altogether.<\/p>\n

\u201cAnd some companies actually leave our country because they have so much money overseas\u2014so much, it\u2019s an incredible amount\u2014that they move the company to get their money. We\u2019re going to let them bring the money back home,\u201d he said.<\/p>\n

The new framework will stop punishing companies for keeping their headquarters in the U.S., he added.<\/p>\n

\u201cWe will impose a one-time low tax on returning money that is already offshore so that it can be brought back home to America where it belongs and where it can be put to work and work and work,\u201d he said.<\/p>\n

These reforms, he said, will be a dramatic change from a failed tax system that encourages American businesses to ship jobs to foreign countries that have much lower tax rates.<\/p>\n

\u201cIt\u2019s what we can\u2019t do. Our competitors have much lower tax rates. But no longer. My administration strongly rejects this off shoring model, and we have embraced the new model.<\/p>\n

It\u2019s called the American model,\u201d he said.<\/p>\n

Democrats, however, called the plan disappointing.<\/p>\n

\u201cAs the details of the plan have been trickling out, I\u2019ve been disappointed that the House Republican leadership has taken the same secretive approach to taxes that they brought to health care,\u201d said Indian American Congressman Raja Krishnamoorthi.<\/p>\n

\u201cWe need tax reform that helps working families and small businesses without blowing up the deficit, but this plan doesn\u2019t include any information on how it will pay for its tax cuts,\u201d he added.<\/p>\n

Rallying support for tax cuts by saying they\u2019ll pay for themselves may be easy, but isn\u2019t true or responsible. It\u2019s like when my kids want to skip the vegetables and have ice cream for dinner,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

President Donald Trump speaks about tax reform at the Indiana Farm Bureau building on the Indiana State Fairgrounds, Sept. 27, in Indianapolis, Indiana. (Brendan Smialowski\/AFP\/Getty Images) President Donald Trump has introduced \u2018once-in-a-generation\u2019 tax plans which he said will bring relief to the working Americans, spur job growth and reform the tax code, writes Lalit K….<\/p>\n

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