Progress on tax reform, ignorance on spending

"It has almost no payoff to the economy", says Adam Looney, senior fellow in economic studies at the Brookings Institution.

Besides reducing the U.S. corporate tax rate to 20 percent, the plan would let companies repatriate their existing overseas profits at much lower rates - 12 percent for profits that have been kept in cash and 5 percent for profits from investments that are hard to sell.

Earlier this year, the GOP planned to offset the deep cut in the corporate tax rate by imposing a substantial new tax on imports, a move that was killed by retailers and other industries.

Two powerful trade associations slammed the GOP's tax plan on Thursday, reports Business Insider's Akin Oyedele, saying the reduction of a key benefit for homeowners could hurt the market.

And then there are the big fault lines. The National Federation of Independent Business agrees.

The bill would roughly double the standard deduction for individuals and families.

The longer the federal government avoids entitlement reform and remains ignorant of our spending problem, the larger the fiscal burden will be for future taxpayers to pick up the bill.

Repeals the Alternative Minimum Tax. "But this is still a deficit-exploding tax cut at a time when the deficit is at near record levels".

Today's Republicans do not have such luxury.

Many of the highlights echo President Trump's talking points and other items previously announced by the GOP in September.

However, the TPC study does not gauge the positive economic effects of tax cuts with regards to capital flows and foreign capital inflows. Those two versions would have to be reconciled and approved before legislation could be sent to President Trump for his signature. Some members, like moderate Pennsylvania Rep. Charlie Dent, weren't so sure on Thursday that the text was strict enough to prevent abuse. But that doesn't explain why this process seems so ... haphazard. But like the estate tax repeal, AMT is viewed as a tax on the highest-income earners, so it will be hard to see it surviving to the final bill.

But we can also tell a different story about these facts: a story about how much presidential leadership matters.

But it raises the threshold for that top bracket to $1mn for married couples, from the current $470,700 - meaning a major tax break for people earning half a million dollars or more annually.

"In the state of Wisconsin, since we pay a lot of state income taxes here, that deduction is going away", Mennenga said. The answer was not exactly "yes".

But his call to insert language that would ditch the Obamacare provision requiring individuals to have health insurance or pay a fine went unheeded. And that's not a good place.

Federal revenues are expected to grow moderately from around 17 percent to little more than 19 percent of GDP over the next 30 years.

Republicans are also hoping to phase out another tax that targets the ultra-wealthy. But even if they did cut it as low as Trump wants, to 35 percent, the president would not even come close to winning bragging rights. That was an impressive 60 percent drop.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.

(Derechos de autor © 2015. Todos los derechos reservados.)
 
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