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This morning the Whitehouse announced President Trump’s tax plan for a 15% tax rate for corporations and businesses. This is how it would pan out...
*The corporate tax rate would be slashed from 35% to 15%―saving the six largest U.S. banks a combined $12 billion annually.
*Banks that stash huge profits offshore would be allowed to bring those profits home at a fraction of the price―saving the six largest U.S. banks an estimated $25 billion in taxes.
*Hedge fund managers and Wall Street CEOs would see a two-thirds cut in their individual tax rates―equaling a $1.5 trillion tax giveaway mostly to Wall Street billionaires and the richest 1 percent.
- compiled by Daily Kos
More details about the plan will continue to evolve along with Congressional proposals for tax reform. While the charitable deduction is preserved in the current proposal, its impact could actually be weakened by the fact that many middle-class taxpayers would no longer be able to itemize their deductions, like charitable contributions, because of the larger standard deduction. While the standard deduction assumes that taxpayers make charitable contributions, there is no specific incentive nor requirement to prove charitable donations were made.
To get the latest on other tax proposals and their impact, as well as Americans for the Arts “Statement on Tax Reform and the Charitable Contribution Deduction,” please visit the Arts Mobilization
Watch The Young Turks thoughts here.
Read former secretary of labor Robert Reich's thoughts here.