Fact check: Claims about Trump's tax plan don't hold up


But Treasury Secretary Steven Mnuchin stated categorically on Wednesday that the president has "no intention" of releasing them. Treasury Secretary Steven Mnuchin has asserted a couple of times that the tax plan will pay for itself by generating a lot of growth because the proposed changes will spur investment and create jobs.

When Trump's spokesman, Sean Spicer, was asked by reporters Thursday whether it was fair to inquire about the benefits that the tax cuts would provide for the president and his family, he sidestepped the question.

White House spokesman Sean Spicer said, "I would guess that most Americans would applaud what the president is doing to spur economic growth and job creation in this country".

Democrats are using the possibility of presidential profits to bash the proposal.

Many details, however, remained missing from the initial proposal.

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"His tax outline is a wish-list for billionaires, trickle-down all over again - and guess who it is trickling all over?" The Tax Policy Center, a nonpartisan organization, said the plan, similar to Trump's campaign plan, would cause the federal deficit to rise by at least $7 trillion in the first decade.

President Trump's tax reform plan will benefit most US households and make filing taxes simpler but it will provide the biggest windfall to the wealthy, experts say.

"Trump is seeking to dramatically reduce his own tax bill", said Frank Clemente, executive director of Americans for Tax Fairness, a left-leaning advocacy group. "We have no idea what deductions he's taking; whether he's still paying the alternative minimum tax".

Witkoff said Trump's major goal was to drive a stronger economy, not enhance his own financial standing.

If the CRFB estimates are correct, the Trump tax plan could push the country's accumulated debt to 111% of gross domestic product by 2027, higher than any time in USA history and far above the 89% now projected by the CBO.

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If your parents' estate is worth less than $10.9 million, you don't have to worry about this tax. But perhaps the biggest windfall for rich people could come from Trump's plan to lower the top tax rate for small business owners from 39.6 percent to 15 percent. The House's tax plan proposed a 20 percent corporate tax rate.

The president has instructed advisers to propose cutting the corporate tax rate from 35 percent to 15 percent. The Trump Administration did not announce a new rate yesterday, suggesting that it will ultimately propose a higher rate of tax on deemed repatriations.

What might be are his state and local taxes, which Rosenthal suspects made up a big chunk of Trump's $17 million of itemized deductions in 2005. The 40% tax now applies to a $5.5 million inheritance for individuals and $11 million for married couples.

One of the sources for funding in President Barack Obama's health insurance law is a 3.8 percent net investment income tax that applies to capital gains and rental and royalty income, among other sources.

Democrats also have been pushing for a vote on a bill that would require the president and all major-party nominees to publicly disclose their previous three years of tax returns with the Office of Government Ethics or the Federal Election Commission.

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