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Comparing the Trump and Biden Tax Plans
Posted by Bill Smith on Tue, Jul 21, 2020 @ 03:15 PM

The 2020 presidential campaign between President Trump and former Vice President Joe Biden has mostly been sidelined as the country continues to grapple with the COVID-19 (coronavirus) pandemic. With November fast approaching, attention will soon shift toward the presidential race, where both candidates seek to distinguish their policies and initiatives. One place where the candidates stand far apart is on taxes.

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Topics: IRS, Taxes, Donald Trump, Trump Tax Plan, Coronavirus, Biden, #taxplan, Joe Biden

Trump Administration and Republican Leadership Release Tax Reform Plan
Posted by Chrissy Hammond on Thu, Sep 28, 2017 @ 12:16 PM

President Trump, working with a group of six administration officials and Republican leaders from Congress (the “Big Six”), announced a 9-page framework for tax cuts on September 27 (the “Framework”), marking the most significant development since the administration’s unveiling of its tax reform outline April 26. Accompanied by a speech in Indiana from President Trump, the Framework capitalizes on many ideas previously endorsed in the President’s Tax Outline and in the House Republican Blueprint. The Framework will still require tremendous work by the Congressional tax writing committees to flesh out the concepts, but it gives us the latest thinking on where tax reform may go.

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Topics: tax planning, Taxes, Corporate Taxes, Indivdual Taxes, Tax Reform, Tax Plan, Trump Tax Plan, tax updates, tax framework, international tax

Trump's Tax Plan Eyes Dynamic Scoring to Finance Tax Cuts
Posted by Michael Corrente on Thu, Jun 22, 2017 @ 08:40 AM

How much economic growth will tax cuts create? The President’s outline of his tax proposals is based on the premise that tax cuts pay for themselves by stimulating the economy to create additional and offsetting tax revenues. There are varying ways to project the effect of tax policy on economic growth and tax revenue; the most popular method is called dynamic scoring. To bring dynamic scoring into focus, it is necessary to understand what it is, how it is calculated, and why it matters.

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Topics: Michael Corrente, Donald Trump, Trump, Tax Plan, Trump Tax Plan

Trump Administration Outlines Tax Reform Plan
Posted by Michael Corrente on Thu, Apr 27, 2017 @ 08:12 AM

In less than 250 words, the Trump Administration outlined a tax reform plan on April 26. “This is going to be the biggest tax cut and the largest tax reform in the history of our country and we are committed to seeing this through,” said Treasury Secretary Steve Mnuchin.

The outline includes changes to decrease the tax rates for individuals and businesses. It also calls for the repeal of the individual alternative minimum tax (AMT), the net investment income tax (NIIT), and the estate tax. Other than eliminating certain deductions, the proposal did not include any definitive measures for increasing revenue to offset the cuts. The plan also did not address non-tax matters, such as infrastructure spending or construction of a border wall.

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Topics: Michael Corrente, Donald Trump, Trump, Tax Plan, Trump Tax Plan

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