Donald Trump has 'no intention' of releasing tax returns

The announcement came hours after administration officials said Trump was considering a draft executive order to withdraw the USA from the deal - though administration officials cautioned it was just one of a number of options being discussed by the president and his staff. By my calculation, the plan will cost $4.3 trillion over 10 years: $1.3 trillion for the individual tax cuts and $3 trillion for businesses. Its objective is twofold: to enrich the financial aristocracy and force the destruction of programs such as Social Security and Medicare by depriving the federal government of the revenue needed to fund them.

"My practice is to comment on things we've actually done or are doing as opposed to commenting on rumors", Commerce Secretary Wilbur Ross told reporters at an unrelated White House briefing Wednesday evening.

The entire exercise seemed rushed. Mnuchin and Cohn could scarcely control their excitement over what Cohn called a "once in a generation opportunity" to transform the tax code. The two former Goldman Sachs bankers, each worth more than half a billion dollars, spelled out the main features of a plan that will add to their own enormous wealth. "I think the American population has plenty of information", he said, inaccurately characterizing the president's disclosures.

Abolishing the estate tax, which now applies only to fortunes of $5 million or more, would allow Trump to pass on his billions to his five children without them paying a penny. The same applies to Cohn (net worth $610 million) and Mnuchin (net worth $500 million).

Perhaps the most contentious plank would enable taxpayers with business income - including those wealthy enough to pay the top tax rate - to instead pay the new 15 percent corporate rate.

Mnuchin called the proposal "the biggest tax cut" in US history. The bulk of those funds would be returned to wealthy shareholders via stock buybacks and dividends. "Our basic premise here is to simplify the tax system, lower rates and make it easy".

Many firms that park money offshore end up paying a much lower tax rate than the US 35 percent corporate rate.

For instance, Trump's proposal to cut the corporate tax rate to 15 percent could add more than $2 trillion to the national debt over a decade, according to the Urban-Brookings Tax Policy Center.

The Obama administration had previously proposed a reduction in the corporate income tax rate from 35 percent to 28 percent, and 25 percent for manufacturers-a windfall of "only" $100 billion a year-while Senate Minority Leader Charles Schumer is the co-author of a bipartisan plan to "incentivize" the repatriation of overseas profits through a tax holiday for the corporations involved. "That's not tax reform". It is unclear how serious a demand that is, but at the very least, cutting taxes and overhauling the system to the extent the Trump administration wants is going to require lengthy negotiations and compromise, and the final outcome is far from assured. But Democrats and Republicans have both been open to the idea of a tax holiday.

That is, if tax reform manages to pass Congress. These cuts will not be made in the gargantuan Pentagon budget, which will be increased, but rather in so-called entitlements such as Social Security, Medicare and Medicaid, the most expensive domestic social programs. If there are less taxes coming in, there also has to be a plan on how to balance the gap. Since the benefit comes at the end of the year on a tax return, only families that can already afford expensive child care will be able to effectively deduct the expenses. It's basically an import tax. The proposal was released on a single sheet of paper - double-spaced - without any information about how the cuts would be paid for. "Those would not be deductible any longer", Rosa said.

Many tax deductions that some individuals use to cut their tax bills would be eliminated, leaving only those for charitable giving, retirement savings plans and interest on home purchase loans. That tax collectively raised Trump's 2005 income taxes and self-employment taxes from US$7 million to US$38m, according to a copy of Trump's 2005 return released last month.

It also does not fully embrace tax proposals backed by Republican House Speaker Paul Ryan, an essential ally if the president is to make good on his promise to deliver a tax overhaul that creates growth and brings jobs to struggling parts of the country.

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