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Trump tax plan stands to benefit the man in the White House

Trump tax plan stands to benefit the man in the White House

The plan would also eliminate the deduction for state and local taxes, a step that could hurt taxpayers in places with high state taxes such as California and NY. The numbers here are uncertain, as the plan includes few details so far.

Also during the campaign, Trump proposed getting rid of the "head of household" filing status, which is mainly used by single parents. David Perdue of Georgia, told CNBC earlier the same day that he could not support the bill if it included a border adjustment tax over concern that it would raise costs for consumers.

"This will pay for itself with growth, and with reduction of different deductions and closing loopholes", Treasury Secretary Steve Mnuchin said.

"The reason I am going to pay more is because I lose all the deductions".

U.S. Treasury Secretary Steven Mnuchin speaks during a panel on "Prospects for Tax Reform" at the Newseum, in Washington D.C., capital of the United States, April 26, 2017.

Trump's tax proposal would also lower the capital gains tax rate and would decrease the number of income tax brackets from seven to just three, while lowering the tax rate for the wealthiest individuals by almost 4 percentage points.

But the plan offers no details on how Trump would offset these massive tax cuts, potentially adding trillions of dollars to the national debt over the next decade. But the administration has yet to determine the income levels for people who would be put in each bracket.




It's unclear whether student loan tax breaks and credits would get slashed, but it's also a possibility. The plan released during Trump's campaign called for taxing carried interest as ordinary income. But it's clear that the most significant changes are the tax cuts from the top-the wealthiest corporations and individuals.

Stephanopoulos noted that the Trump family would save money with the proposed plan, which would end the estate (inheritance) tax, end the alternative minimum tax, and cut taxes on corporations to 15 percent.

The report, from the Empire Center, an Albany-based think tank and fiscal watchdog, said the elimination of deductions for state and local taxes in the plan would hit NY and other high-tax states the hardest.

The plan would also eliminate the inheritance tax, which is now taxed at the federal level only when estates are larger than $5.4 million per individual. "When they build manufacturing facilities... those will be great paying jobs for American workers", he said.

Mnuchin was asked if he stood behind his own promise of no absolute tax cuts for the wealthy, and he said that was the objective.

Yet during an interview on Thursday's Today show, Mnuchin was back to claiming that the plan "is about a middle-income tax cut".

Outgoing Wesfarmers chief executive Richard Goyder stated that a 15 per cent tax rate in the U.S. would force the Australian Government to do something its own.

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