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[rooster59]

Trump's "big announcement" on tax to be broad principles - official

By Ginger Gibson

 

U.S. President Donald Trump speaks to reporters following a signing ceremony with Treasury Secretary Steve Mnuchin at the Treasury Department in Washington, U.S., April 21, 2017. REUTERS/Aaron P. Bernstein

 

WASHINGTON (Reuters) - President Donald Trump's promised "big announcement" next week on overhauling the U.S. tax code, a top campaign pledge, will consist of "broad principles and priorities," an administration official said on Saturday.

 

The president unexpectedly said on Friday at a Treasury Department event that there would be "a big announcement on Wednesday having to do with tax reform."

 

In a Twitter message on Saturday, he wrote: "Big TAX REFORM AND TAX REDUCTION will be announced next Wednesday."

 

Asked for details, the administration official, who asked not to be identified, said, "We will outline our broad principles and priorities" on Wednesday.

 

Trump has struggled as president to advance his domestic policy agenda, including on taxes, even though his Republican Party controls both chambers of Congress. With his 100th day in office only a week away, he has yet to offer any formal legislation or win passage of a major bill he favors.

 

Most recent presidents had legislative wins under their belts by this time in their administrations.

 

Under U.S. law, only Congress can make significant tax law changes, though the president often drives the tax agenda by offering legislation. The administration official said, "We are moving forward on comprehensive tax reform that cuts tax rates for individuals, simplifies our overly complicated system and creates jobs by making American businesses competitive."

 

As a candidate, Trump raised high expectations in financial markets and the business community for changes in the complex, loophole-riddled tax system. In his "Contract with the American Voter," he vowed to work with Congress on tax legislation "within the first 100 days of my administration."

The action plan promised large tax cuts for the middle class and businesses, a reduction of tax brackets to three from seven, simplified tax forms and an offshore profits repatriation tax holiday.

 

Since then, no legislation or formal tax plan has been presented by Trump. He has at times expressed support for a plan drawn up by House of Representatives Republicans, but his views are unclear on a section that deals with taxing imports.

 

In February, Trump promised a "phenomenal" tax plan within a few weeks, without offering details. No plan followed.

 

Last month when an attempt supported by Trump to repeal the healthcare law known as Obamacare collapsed in Congress, Trump said he would refocus on taxes.

 

Treasury Secretary Steven Mnuchin said on Thursday he expected Congress to approve a tax plan this year.

 

 

-- © Copyright Reuters 2017-04-23

[Minnie the Minx]

Hmmmmmm, any comment would be superfluous.

[Andaman Al]

Trump has zero clue on how Government works and how to Govern a country - and no, that is not a good thing. I doubt there will be any big announcement on Wednesday and if there is it will probably be "we need a bit more time because I learned that tax is very complicated and this is more complicated than any other President has had to deal with in the history of the USA"

[Andaman Al]

2 minutes ago, Minnie the Minx said:

Hmmmmmm, any comment would be superfluous.

So you made one!  

[Minnie the Minx]

And? Was acknowledging the article.

[tonray]

Principles ? I wasn't aware that Mr. Trump had any !

[stevenl]

" We are moving forward on comprehensive tax reform that cuts tax rates for individuals, simplifies our overly complicated system and creates jobs by making American businesses competitive. "

 

That was probably the content of the big announcement coming Wednesday.

[Berkshire]

25 minutes ago, stevenl said:

" We are moving forward on comprehensive tax reform that cuts tax rates for individuals, simplifies our overly complicated system and creates jobs by making American businesses competitive. "

 

That was probably the content of the big announcement coming Wednesday.

Trump seems to always be speaking in the most simplistic terms, as if he's the first one to ever consider cutting taxes.  Of course, cutting taxes for everyone means the wealthiest have the most to gain, especially big business.  The obvious question is how are we going to pay for it?  No amount of economic growth can support major tax cuts, especially if Trump intends to spend more on defense, infrastructure, his wall, etc.  The dude is delusional, but not near as much as his supporters.

[Emster23]

When pressed for details, Trump responded "Less filling! Tastes great! now excuse me, I have some very important golf rounds to play."

[Thaidream]

The best 'Big Announcement' that could be made was the Trump was resigning as President or being removed by impeachment or using the 25th Amendment.

[Srikcir]

5 hours ago, rooster59 said:

The action plan promised large tax cuts for the middle class

And even much larger tax cuts for the wealthy.

If it wasn't for the alternate minimum tax Trump would have paid $7 million but otherwise paid an additional tax of $31 million in his 2005 tax return filing on an adjusted income of $153 million. ATM forced him into an effective 25% tax rate - about what the middle income taxpayer pays on adjusted income after deductions and credits.

 

And guess what? Trump wants to abolish the ATM that would have little or no effect on the middle income taxpayer. 

http://www.businessinsider.com/trump-abolish-alternative-minimum-tax-2005-return-2017-3

 

Americans should see Trump's tax returns to know the extent that he will benefit by his own tax legislation. There needs to be more income equality in the taxation system. Not more cash to billionaires that ultimately comes at the expense of the middle income class through lower government funding due to increased military spending and cuts in social services.

[55Jay]

6 hours ago, Berkshire said:

Trump seems to always be speaking in the most simplistic terms

Actually reminds me of a professional wrestling advert hyping a match between the Junkyard Dog and the Master of Disaster.  A game show host.  Or these Hollywood "E" shows promising big news about Angelina Jolie's most recent bowel movement.  

[dunroaming]

7 hours ago, rooster59 said:

President Donald Trump's promised "big announcement" next week on overhauling the U.S. tax code, a top campaign pledge, will consist of "broad principles and priorities," an administration official said on Saturday.

The Trump circus lurches on.  I notice the administration official was quick to say that the announcement would consist of "broad principles and priorities".  In other words best not to read anything into the announcement as it will just be more Trump bluster.

[ilostmypassword]

One thing won't change. Trump's plan to give even more tax breaks to the real estate industry. 

Major Hurdle for a Tax Code Overhaul: Trump’s Own Field

As the nation’s first real estate developer-president — one who has refused to divest his holdings while occupying the Oval Office and has declined to release his past tax returns — Mr. Trump brings his career perspective to the tax question, as well as a substantial financial stake in the outcome.

His interest will be shared by small builders, brokers and contractors in congressional districts across the country. And as they showed in rolling back previous changes that had taken away advantages, their lobbying prowess is formidable

https://www.nytimes.com/2017/04/22/business/trump-tax-real-estate.html

[Scott]

Off-topic post removed.  

[iReason]

Another "big" announcement.

 

Next week... 

 

http://dailycaller.com/2017/03/15/trump-says-big-announcement-coming-next-week-for-auto-industry/

http://www.nbcsandiego.com/news/local/President-Trump-to-Announce-New-Immigration-Ban-Next-Week-414029853.html

http://www.newsweek.com/donald-trump-travel-ban-immigration-executive-orders-557701

http://www.detroitnews.com/story/news/politics/2017/03/15/trump/99208456/

http://www.startribune.com/not-so-urgent-anymore-trump-s-new-travel-ban-delayed/415254924/

 

And this gem from February:

 

Trump says he is releasing something 'phenomenal in terms of tax' in 2 to 3 weeks

http://www.businessinsider.com/trump-releasing-plan-phenomenal-in-terms-of-tax-in-two-weeks-2017-2

 

Yawn...

 

January:

 

President Trump Is Expected to Announce Plans for the Wall with Mexico This Week

http://fortune.com/2017/01/24/donald-trump-immigration-border-wall/

 

The long con continues...

[starky]

Pretty much all this flip knows are broad principals. With some ability to twitter and say things twice. Has he figured out who runs North Korea yet?

[Andaman Al]

Typical, the release of info this week will just be the normal Trump bluster.

 

Quote

Mulvaney Says Trump Tax Plan Details Won't Be Ready Until June

 

https://www.bloomberg.com/politics/articles/2017-04-23/mulvaney-says-trump-tax-plan-details-won-t-be-ready-until-june