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Tag: Trump Tax Cuts

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GOP to use American retirement accounts to pay for tax cuts: Report

According to a leaked version of a proposed tax plan by the GOP,  GOP lawmakers and Republicans alike are reportedly preparing to come for the retirement accounts that rightfully belong to ordinary Americans.  According to the New York Times,  the proposed plan  would see the allowed allotment of contributions to a 401k plan at just under $2,700 annually. That's a drastic drop from the right-now cap at $18,000, $24,000 if you're above the age of 50.   The Times notes that Republicans  think that the caps to 401k style contributions would bring in significant tax revenue for the government (to the tune of $115 billion reportedly by 2018 alone). Share your thoughts below.  Are you prepared to see drastic cuts to your retirement accounts if this tax plan proposed goes forth?
It’s here: All the final details on Trump ‘s proposed tax plan
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It’s here: All the final details on Trump ‘s proposed tax plan

Trump 's proposed tax plan is officially  available for the world to discuss, and now, we've got the final cemented details.   As we previously reported,   standard deductions for people and married couples are set to rise under his plan.  Per the plan, married couples would see their proposed deduction rate go from $12,000 to $24,000. Businesses would see their rates drop effectively to 15%, while, the estate and alternative minimum tax rate would be abolished entirely.  These two feats, here, have already caused much discussion among lawmakers especially Democrats angry that Trump still hasn't released his own current tax returns. The proposed plan would indeed  cause states like California and New York City to rebel, considering, they actually have much higher state taxes than oth...
Exclusive: Donald Trump ‘s tax reform code is here
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Exclusive: Donald Trump ‘s tax reform code is here

You read that right, a copy of Donald Trump 's anticipated tax-code reform plan has landed in our hands -- and you might guess - that it benefits none other than Donald Trump.   The tax reform plan expected to be unveiled today has many keypoints, but, just as many faults. Let's discuss. First up, Donald Trump, wants to slash if not entirely eliminate the real-estate tax entirely.   This would benefit Donald Trump exponentially because of the fact even as President his corporation still pays real estate taxes on its many hotel brands around the world and based in America. Next up,  Donald Trump wants to slash the corporate tax rate from 33% to just 15% a dramatic decrease. But, uh, there's a few problems. Several lawmakers we spoke to in Washington have already voiced their concer...
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