Winners and Losers in the Trump Tax Plan# Stock
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https://www.nytimes.com/2017/04/26/upshot/winners-and-losers-in-the-trump-
tax-plan.html
Winners and Losers in the Trump Tax Plan
18
The tax plan the Trump administration released Wednesday consists (so far)
of a single page of bullet points.
If this were a more rounded plan, we could wait for the tax wonks at various
think tanks to run it through their models and tell with some precision how
it would affect people at different income levels and who would benefit
from different deductions.
Lacking that level of detail, we can know only in broad-brush strokes which
Americans would win and which would lose. In a homage to the Trump plan
itself, here are those winners and losers in bulleted form.
Winners
■ Businesses with high tax rates. The plan would cut the 35 percent
corporate income tax to 15 percent. While few businesses pay the full 35
percent rate, those that pay something close to it are in line for a huge
tax cut.
Continue reading the main story
RELATED COVERAGE
White House Proposes Slashing Tax Rates for Individuals and Businesses APRIL
26, 2017
ECONOMIC VIEW
How Best to Tax Business APRIL 21, 2017
HEAVY LIFTING
Can Trump and Congress Solve the Rubik’s Cube of Tax Reform? APRIL 11, 2017
The 7 Key Elements of the White House Tax Plan APRIL 26, 2017
ADVERTISEMENT
Continue reading the main story
■ High-income earners. The plan would reduce the top rate on individual
income tax — now 39.6 percent for income over around $470,000 for a married
couple — to 35 percent. But that’s only part of the gain for high-income
earners. It also would eliminate a 3.8 percent tax, used to help fund
Obamacare, that applies to investment income over $250,000 for a couple.
■ People with creative accountants. The 15 percent business tax rate could
open a huge loophole for people to receive business income through a limited
liability company or other pass-through entity instead of as wages.
Depending on how the law is drafted, that could enable some people to pay
that low 15 percent rate on their earnings instead of an individual income
rate up to 35 percent. People who already receive their income through
investment vehicles wouldn’t have to change anything for a windfall.
■ Multimillionaires who want to pass money to their heirs tax-free. The
plan would eliminate the estate tax, which currently applies to individuals
with estates of $5.5 million or couples with estates worth $11 million.
The Upshot
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policy and everyday life.
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products and services.
SEE SAMPLE PRIVACY POLICY
■ People who still fill out their tax returns by hand. Administration
officials said the plan would simplify paying taxes, particularly
emphasizing plans to eliminate the alternative minimum tax. The A.M.T. can
definitely be annoying, and costly, but if you use an online tax preparation
service, the software does most of the work.
■ Retailers and other companies that feared a “border adjustment tax.”
The Trump administration did not embrace House Republicans’ big strategy to
pay for the tax cut, which was strongly opposed by the retail industry and
others that thought they would be losers.
■ Donald J. Trump. It is striking how many of the categories listed above
affect the president and his family. He is a high-income earner. He receives
income from 564 business entities, according to his financial disclosure
form, and could take advantage of the low rate on “pass-through” companies
. According to his leaked 2005 tax return, he paid an extra $31 million
because of the alternative minimum tax that he seeks to eliminate. And his
heirs could eventually enjoy his enormous assets tax-free.
Photo
The new tax plan would eliminate the federal deduction for state and local
income tax. If you live in a place where such taxes are high, like
California and this San Francisco street, that’s unwelcome news. Credit
Peter DaSilva for The New York Times
Losers
■ Upper-middle-income people in blue states. The plan would eliminate the
federal tax deduction for state and local income tax. If you are in a place
where such taxes are high, like New York or California, you would lose a
valuable deduction.
18
COMMENTS
■ Deficit hawks. The Trump plan doesn’t come with any estimates of its
impact on the federal deficit. But his campaign plan, to which the new
document is distinctly similar, was estimated by the analysts at the Tax
Policy Center to reduce federal revenue by $6.2 trillion over a decade. That
implies either a very large increase in the national debt or huge
reductions in federal spending.
■ People who want Congress to pass something. While the Trump plan solves
some of the policy contradictions of his earlier promises with a “candy for
everyone” approach to cutting taxes, that leaves it with even bigger
political contradictions. The plan’s tilt toward businesses and the
affluent means that Democratic support will be scarce to nonexistent. A law
passed via the Senate’s budget reconciliation process — preventing a
filibuster by Democrats and allowing a narrow majority of Republicans to
prevail — is not permitted to increase the deficit beyond a 10-year window.
That means the major provisions would probably have to be temporary. Even
if adjusted to be temporary, the presence of deficit hawks among Republicans
would make the Trump plan no slam dunk to pass.
1. 州税不能抵税
2. 取消AMT
https://www.nytimes.com/2017/04/26/upshot/winners-and-losers-in-the-trump-
tax-plan.html
Winners and Losers in the Trump Tax Plan
18
The tax plan the Trump administration released Wednesday consists (so far)
of a single page of bullet points.
If this were a more rounded plan, we could wait for the tax wonks at various
think tanks to run it through their models and tell with some precision how
it would affect people at different income levels and who would benefit
from different deductions.
Lacking that level of detail, we can know only in broad-brush strokes which
Americans would win and which would lose. In a homage to the Trump plan
itself, here are those winners and losers in bulleted form.
Winners
■ Businesses with high tax rates. The plan would cut the 35 percent
corporate income tax to 15 percent. While few businesses pay the full 35
percent rate, those that pay something close to it are in line for a huge
tax cut.
Continue reading the main story
RELATED COVERAGE
White House Proposes Slashing Tax Rates for Individuals and Businesses APRIL
26, 2017
ECONOMIC VIEW
How Best to Tax Business APRIL 21, 2017
HEAVY LIFTING
Can Trump and Congress Solve the Rubik’s Cube of Tax Reform? APRIL 11, 2017
The 7 Key Elements of the White House Tax Plan APRIL 26, 2017
ADVERTISEMENT
Continue reading the main story
■ High-income earners. The plan would reduce the top rate on individual
income tax — now 39.6 percent for income over around $470,000 for a married
couple — to 35 percent. But that’s only part of the gain for high-income
earners. It also would eliminate a 3.8 percent tax, used to help fund
Obamacare, that applies to investment income over $250,000 for a couple.
■ People with creative accountants. The 15 percent business tax rate could
open a huge loophole for people to receive business income through a limited
liability company or other pass-through entity instead of as wages.
Depending on how the law is drafted, that could enable some people to pay
that low 15 percent rate on their earnings instead of an individual income
rate up to 35 percent. People who already receive their income through
investment vehicles wouldn’t have to change anything for a windfall.
■ Multimillionaires who want to pass money to their heirs tax-free. The
plan would eliminate the estate tax, which currently applies to individuals
with estates of $5.5 million or couples with estates worth $11 million.
The Upshot
Get the best of The Upshot’s news, analysis and graphics about politics,
policy and everyday life.
Enter your email address
Sign Up
Receive occasional updates and special offers for The New York Times's
products and services.
SEE SAMPLE PRIVACY POLICY
■ People who still fill out their tax returns by hand. Administration
officials said the plan would simplify paying taxes, particularly
emphasizing plans to eliminate the alternative minimum tax. The A.M.T. can
definitely be annoying, and costly, but if you use an online tax preparation
service, the software does most of the work.
■ Retailers and other companies that feared a “border adjustment tax.”
The Trump administration did not embrace House Republicans’ big strategy to
pay for the tax cut, which was strongly opposed by the retail industry and
others that thought they would be losers.
■ Donald J. Trump. It is striking how many of the categories listed above
affect the president and his family. He is a high-income earner. He receives
income from 564 business entities, according to his financial disclosure
form, and could take advantage of the low rate on “pass-through” companies
. According to his leaked 2005 tax return, he paid an extra $31 million
because of the alternative minimum tax that he seeks to eliminate. And his
heirs could eventually enjoy his enormous assets tax-free.
Photo
The new tax plan would eliminate the federal deduction for state and local
income tax. If you live in a place where such taxes are high, like
California and this San Francisco street, that’s unwelcome news. Credit
Peter DaSilva for The New York Times
Losers
■ Upper-middle-income people in blue states. The plan would eliminate the
federal tax deduction for state and local income tax. If you are in a place
where such taxes are high, like New York or California, you would lose a
valuable deduction.
18
COMMENTS
■ Deficit hawks. The Trump plan doesn’t come with any estimates of its
impact on the federal deficit. But his campaign plan, to which the new
document is distinctly similar, was estimated by the analysts at the Tax
Policy Center to reduce federal revenue by $6.2 trillion over a decade. That
implies either a very large increase in the national debt or huge
reductions in federal spending.
■ People who want Congress to pass something. While the Trump plan solves
some of the policy contradictions of his earlier promises with a “candy for
everyone” approach to cutting taxes, that leaves it with even bigger
political contradictions. The plan’s tilt toward businesses and the
affluent means that Democratic support will be scarce to nonexistent. A law
passed via the Senate’s budget reconciliation process — preventing a
filibuster by Democrats and allowing a narrow majority of Republicans to
prevail — is not permitted to increase the deficit beyond a 10-year window.
That means the major provisions would probably have to be temporary. Even
if adjusted to be temporary, the presence of deficit hawks among Republicans
would make the Trump plan no slam dunk to pass.