{"id":29550,"date":"2017-09-28T05:45:29","date_gmt":"2017-09-28T09:45:29","guid":{"rendered":"http:\/\/admin.patheos.com\/blogs\/geneveith\/?p=29550"},"modified":"2017-09-27T15:41:03","modified_gmt":"2017-09-27T19:41:03","slug":"here-is-the-republican-tax-plan","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/geneveith\/2017\/09\/here-is-the-republican-tax-plan\/","title":{"rendered":"Here Is the Republican Tax Reform Plan"},"content":{"rendered":"<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><head><meta http-equiv=\"content-type\" content=\"text\/html; charset=utf-8\"><meta http-equiv=\"content-type\" content=\"text\/html; charset=utf-8\"><\/head><body><p><a href=\"https:\/\/wp-media.patheos.com\/blogs\/sites\/305\/2017\/09\/taxes-646512_640.jpg\" rel=\"attachment wp-att-29552\" class=\" decorated-link\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-29552\" src=\"https:\/\/wp-media.patheos.com\/blogs\/sites\/305\/2017\/09\/taxes-646512_640.jpg\" alt=\"taxes-646512_640\" width=\"640\" height=\"452\"><\/a><\/p>\n<p>After failing to replace Obamacare, again, Republicans are marshaling their energy to pass tax reform, again.<\/p>\n<p>Here is the nine-page framework\u2013with many details to be determined later\u2013of the Republican tax plan:\u00a0\u00a0<em><a href=\"https:\/\/apps.washingtonpost.com\/g\/documents\/business\/read-the-complete-republican-tax-plan-released-wednesday\/2560\/\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">Unified Framework for Fixing Our Broken Tax Code.<\/a><\/em><\/p>\n<p>Here are some highlights, from <a href=\"http:\/\/www.businessinsider.com\/trump-tax-plan-details-corporate-rate-individual-brackets-deductions-cuts-2017-9\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">Business Insider<\/a>.\u00a0 Go to the link for details and explanations about each bullet point:<\/p>\n<div id=\"premium-content\">\n<h3>Business tax changes:<\/h3>\n<ul>\n<li><strong>A 20% corporate tax rate.<\/strong><\/li>\n<li><strong>A 25% rate for pass-through businesses.<\/strong><\/li>\n<li><strong>Elimination of some business deductions, industry-specific incentives, and more.<\/strong><\/li>\n<li><strong>A one-time repatriation tax.<\/strong><\/li>\n<\/ul>\n<h3>Personal tax changes:<\/h3>\n<ul>\n<li><strong>A bottom individual tax rate of 12%.<\/strong><\/li>\n<li><strong>A middle tax bracket of 25%.<\/strong>\u00a0T<\/li>\n<li><strong>The top individual tax rate of 35%.<\/strong><\/li>\n<li><strong>The possibility of a fourth, higher bracket.<\/strong><\/li>\n<li><strong>A larger standard deduction.<\/strong><\/li>\n<li><strong>Eliminates most itemized deductions.<\/strong><\/li>\n<li><strong>Increases the size of the child tax credit.<\/strong><\/li>\n<li><strong>Vague promises on retirement savings and other deductions.<\/strong><\/li>\n<li><strong>Elimination of the state and local tax deduction.<\/strong><\/li>\n<li><strong>Elimination of the estate tax.<\/strong><\/li>\n<\/ul>\n<p>President Trump is insisting that taxes for the wealthiest Americans not increase.\u00a0 So there may be an additional bracket or even a <a href=\"http:\/\/www.syracuse.com\/politics\/index.ssf\/2017\/09\/tax_reform_trump_gop_mull_surcharge_on_wealthy_doubling_standard_deduction.html\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">surcharge on the wealthy<\/a> to keep that from happening.<\/p>\n<p>Although most deductions will be eliminated, the deduction for mortages and charitable contributions will be retained.\u00a0 (Churches will appreciate that.)<\/p>\n<p>The <a href=\"http:\/\/money.cnn.com\/2017\/09\/27\/news\/economy\/tax-reform-framework\/index.html\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">corporate tax rate <\/a>would drop from 35% to 20%.\u00a0 The average in the industrialized world is 22.5%.<\/p>\n<p>One goal is to <a href=\"https:\/\/www.washingtonpost.com\/news\/wonk\/wp\/2017\/09\/27\/the-gop-tax-plan-explained-in-simplest-possible-terms\/?utm_term=.47d4ea2c2d2b\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">simplify tax filing.<\/a>\u00a0If not reduce the form to the size of a post-card, at least to limit it to one page.<\/p>\n<p>According to a <a href=\"http:\/\/www.cnn.com\/2017\/09\/27\/politics\/cnn-poll-immigration-taxes\/index.html\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">recent poll<\/a>,\u00a068% of Americans believe the tax system needs either a \u201ccomplete overhaul\u201d (35%) or \u201cmajor changes (33%).\u00a0 This is something people of all political persuasions can agree on, with 77% of Republicans, 70% of Independents, and 62% of Democrats wanting change.<\/p>\n<p>Though tax reform would seem to be a popular political initiative, there\u00a0would\u00a0be complications getting it through Congress.\u00a0 Democrats will claim that any changes will help the wealthy.\u00a0 (Never mind that even the Scandinavian welfare states favored by Bernie Sanders have lower corporate tax rates than the United States does today.)\u00a0 On the other end of the spectrum, deficit hawks will worry that tax cuts will increase the deficit.\u00a0 And special interests will be fighting to protect their deductions.<\/p>\n<p>A promising sign for the plan\u2019s chances is that the <a href=\"http:\/\/www.politico.com\/story\/2017\/09\/27\/freedom-caucus-endorses-gop-tax-plan-243210\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">House Freedom Caucus<\/a>\u2013the group of conservative lawmakers often in conflict with their party\u2019s leadership\u2013has announced it support.<\/p>\n<p>Do you think this plan has a chance?<\/p>\n<p>Might this initiative get the Republican Congress and the Trump presidency back on track?\u00a0 That is, would it show that they can \u201cget something done\u201d and push through measures that would be popular with the American people?<\/p>\n<p>\u00a0<\/p>\n<p><em>Illustration\u00a0by geralt, via Pixabay, CC0, Creative Commons<\/em><\/p><\/div>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"<p>After failing to replace Obamacare, again, Republicans are marshaling their energy to pass tax reform, again. Here is the nine-page framework\u2013with many details to be determined later\u2013of the Republican tax plan:\u00a0\u00a0Unified Framework for Fixing Our Broken Tax Code. Here are some highlights, from Business Insider.\u00a0 Go to the link for details and explanations about each [&hellip;]<\/p>\n","protected":false},"author":1281,"featured_media":29552,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,19,36],"tags":[5782,5315],"class_list":["post-29550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-government","category-politics","tag-republican-tax-plan","tag-tax-reform"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here Is the Republican Tax Reform Plan<\/title>\n<meta name=\"description\" content=\"The Republicans have released a framework for their proposed tax reform plan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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