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National Govt & Politics
Five highlights from President Trump's tax plan
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Five highlights from President Trump's tax plan

Five highlights from President Trump's tax plan
Photo Credit: Jamie Dupree

Five highlights from President Trump's tax plan

The Trump Administration today released the basic framework of President Trump's tax reform plan, which would make dramatic changes in the federal tax code for both individuals and businesses, as top officials urged Congress to act swiftly on what would be the biggest reform of the tax code since a plan approved by President Reagan over thirty years ago.

What would some of those changes look like?

1. Larger standard deduction and fewer tax brackets. For many Americans, the most immediate impact of the Trump tax plan would be a larger standard deduction, which would shield more of your income from federal taxes. Currently, individuals can exempt the first $6,300 of their income; married couples are at $12,600. This Trump plan would dramatically increase that to $24,000 for couples. Meanwhile, the number of tax brackets would shrink from the current seven - to just three, with tax rates of 10 percent, 25 percent and 35 percent. No figures were provided on exactly where those income brackets would be - that's to be filled in later, along with a lot of other details.

2. Trump plan would end many itemized deductions. For those in upper income brackets, the Trump tax reform plan would bring about dramatic change. Currently, taxpayers are allowed to itemize a host of deductions: Medical and Dental expenses, state and local taxes, state sales taxes, real estate taxes, personal property taxes, home mortage interest, charitable contributions, casualty and theft losses, certain work expenses, tax preparation fees, gambling losses, and other miscellaneous deductions. If this plan stays the same, all of those would be swept aside, except for the home mortgage interest deduction, and the write off for charitable contributions.

3. Big changes for businesses large and small. The big headline of the Trump tax plan - as it applies to the business world - is to cut the corporate tax rate more than half, taking it from 35 percent to 15 percent. That 15 percent rate would also apply to "pass through" business entities, which under current law are forced to pay higher individual rates. "Our objective is to make U.S. businesses the most competitive in the world," said Treasury Secretary Steven Mnuchin at the White House, as he cast the business tax changes in terms of a stimulus for economic growth. Democrats quickly said those type of business tax cuts will mainly benefit those already at upper income levels, like President Trump.

4. Other highlights include AMT, estate tax repeal. While the big headlines were on individual tax brackets and the corporate tax rate cut, there are some other proposals that deserve a mention. The Trump plan would repeal federal estate taxes, repeal the Alternative Minimum Tax and get rid of the 3.8% tax on investment income from the Obama health law. Eliminating the AMT is notable, because in the leaked 2005 tax return of President Trump, that was how he paid income taxes - look for Democrats to remind everyone of that. In terms of capital gains and dividends, the tax rates on those transactions would drop to 20 percent.

5. Lots of bullet points, but not lots of details. One of the most important details here is that the White House did not send Congress a detailed plan with legislative text - instead this proposal from President Trump gives his priorities, and now the White House and Congress must fill in the rest of the blanks. For example, while there would be three tax brackets, there was no proposal floated on what income levels those brackets would cover. On the one-time tax on overseas profits, the Treasury Secretary would only say it would be set at a "very competitive rate." The White House issued a single page of bullet points on what Mr. Trump wants - leaving many items TBD - especially on how the plan would impact the federal deficit.

What was released today was a one page summary of possible tax changes - if you look back at the 1986 Tax Reform Act, you can see that the final product is much more involved.

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The Latest Headlines You Need To Know

  • Orlando Democratic Representative Anna Eskamani is co-sponsoring a bill to allow illegal immigrants living in Florida to legally obtain a state driver’s license. “We can talk about the need to reform immigration as a whole, but this is one solution to make sure that our roads are safer,” Eskamani said over the phone on Thursday. Illegal immigrants would still have to take a driving test to get a license, and they’d be able to buy car insurance, which Eskamani said would generate additional revenue for the state.  She also believes the bill will encourage people to report accidents and crimes they see on the road. Eskamani agreed with the assessment that the bill (HB 969) does not attempt to change immigration policy but rather change policy dealing with Florida’s current immigrant situation. “On our roads, you have people who are undocumented who are driving their kids to daycare, who are going to work,” Eskamani said.  “They’re doing their best to live life to its fullest potential.” Under current Florida law, residents must prove U.S. citizenship or show a resident alien green card to get a state driver’s license.  This bill would allow people to use documents such as foreign passports, international birth certificates, or tax ID number to get one.   With the 2019 legislative session well underway in Tallahassee, neither the bill nor its Senate companion has seen a committee vote. The bill has gotten notable attention from Fox News, to which Eskamani mused on her Facebook page, “Wow, my first ever mention in Fox News!  This has to come with some sort of award right?”
  • The Florida man accused of sending pipe bombs last year to several high-profile critics of President Donald Trump pleaded guilty Thursday in a Manhattan federal court. >> Read more trending news Cesar Sayoc appeared Thursday for a change of plea hearing before U.S. District Judge Jed Rakoff.  Sayoc pleaded not guilty in November to a slew of charges after he was identified as the man suspected of mailing pipe bombs to targets including CNN, former President Barack Obama and actor Robert De Niro. >> Cesar Sayoc Jr.: What we know about the man arrested for sending package bombs Sayoc has been held without bail since his late-October arrest outside a South Florida auto parts store. He had been living in a van covered with stickers of Trump and showing images of some Trump opponents with crosshairs over their faces. Authorities launched an investigation in October after pipe bombs were mailed to former Secretary of State Hillary Clinton and philanthropist George Soros. In the subsequent days, similar devices were mailed to several other prominent Trump critics, including U.S. Rep Maxine Waters, D-Calif., and Democratic donor Tom Steyer. >> 2nd mail bomb to Tom Steyer recovered; suspect agrees to remain jailed, face charges in New York Authorities said Sayoc was linked to the packages after investigators found his fingerprints and DNA on some of them. Without a plea deal, Sayoc faced charges carrying a potential penalty of mandatory life in prison. A court filing last Friday didn't indicate which charge or charges the plea would involve. The Associated Press contributed to this report.
  • Federal authorities and Butler Township police are investigating after an explosive device was placed inside a mailbox and detonated, according to police. >> Read more trending news  The explosive device, which police believe was a commercial-grade firework, was detonated and destroyed the mailbox sometime between 7 p.m. Tuesday and 9 a.m. Wednesday, Butler Township Police Chief John Porter said in a media release. Police did not say what road the incident occurred on but described the area as a rural part of the township.  “Since tampering with a mailbox is covered under federal law, federal authorities have been notified and are participating with us in a joint investigation,” Porter said. “Our initial investigation shows there is no indication of any type of hate or bias crime at this time.”  Authorities continue to investigate.
  • The sister of a Minnesota woman accused of killing a stranger to steal her identity in Florida last year is now facing criminal charges of her own after investigators say she grew angry at her intoxicated son and ran him over with her SUV.  Cynthia Lea Grund, 58, of Salem Township, was jailed on suspicion of second-degree assault and reckless driving. Olmstead County Jail records indicate she has since been released.  >> Read more trending news Olmstead County deputies were called Monday evening to Grund’s home, where they found her 37-year-old son, identified by the Minneapolis Star Tribune as Jason Finstad, suffering from significant lower body injuries, a Sheriff’s Office news release said. The man had been run over by a vehicle.  Investigators determined that Grund had run over her son with a 2004 Ford Explorer, the news release said.  According to detectives, Finstad was very intoxicated when he began walking down the rural driveway to go to a friend’s house. His mother and stepfather no longer wanted him staying at their home.  Grund drove down the driveway to pick Finstad up and drive him to the friend’s house, the news release said. Finstad refused to get in the SUV. “Why don’t you just run me over,” he allegedly said before lying in the driveway in front of Grund’s vehicle.  “Grund then backed the vehicle up and intentionally ran over the victim,” the news release said. “Grund admitted to her actions and at one point made a comment to the effect, ‘He didn't believe I would. He has been drinking all day. We gave him a chance.’” Grund was taken into custody at the scene. >> Related story: ‘Losing Streak Lois,’ killer grandma wanted in 2 slayings nabbed near U.S.-Mexico border Finstad underwent surgery at St. Mary’s Hospital in Rochester to repair damage to his pelvis. He also suffered head injuries in the incident, investigators said.  He was in fair condition as of Tuesday, the Star Tribune reported. According to the newspaper, Grund is the sister of Lois Ann Riess, 57, of Blooming Prairie, who is being held in Florida on a charge of first-degree murder in the April 5 slaying of Pamela Hutchinson, 59, of Bradenton.  Riess was arrested April 19 on Texas’ South Padre Island after a multistate string of crimes that investigators allege began with the shooting death of her husband, David Riess, 54, at their worm farm. Saturday will mark a year since David Riess’ decomposing body was found. Authorities said David Riess had been dead for several days by the time his body was discovered. The Star Tribune reported last month that a .22-caliber semi-automatic handgun found in Lois Riess’ Texas motel room matched shell casings found at the scene of her husband’s death. Dodge County investigators have turned their case over to the Minnesota Attorney General’s Office for review.  Lois Riess, who authorities nicknamed “Losing Streak Lois” for her penchant for gambling, fled south to Florida -- stopping at a casino on the way. Riess’ abandoned Cadillac Escalade, which Minnesota investigators alleged she left the state in after gunning down her husband, was found in a park in Fort Myers, Florida.  Surveillance footage from a restaurant two blocks from Hutchinson’s borrowed timeshare condo showed the victim chatting with Riess at the bar on April 5, the day authorities believe she was shot to death. Hutchinson’s body was found four days later in the bathroom of the condo.  See the footage of Lois Riess chatting with Pamela Hutchinson below, courtesy of the Fort Myers News-Press.  Investigators believe Hutchinson was killed so Riess could assume her identity. They also believe Hutchinson was shot with the same gun that killed David Riess. According to Riess’ Florida indictment, Lois Riess stole credit cards, money, jewelry, sunglasses and other property from Hutchinson after she was killed. Surveillance footage from Hutchinson’s condo complex showed Riess walking into the parking lot, getting into Hutchinson’s Acura TL and driving away.  The indictment also alleged that Riess went to a Fort Myers bank and used Hutchinson’s identification to withdraw $5,000 from the dead woman’s account before leaving town. Riess was next spotted the following day at an Ocala Hilton hotel, where she used Hutchinson’s identification to check into a room, Lee County officials said. She stayed there the nights of April 6 and 7, according to investigators.  Surveillance footage from inside and outside the hotel showed both Riess and the stolen Acura. According to the News-Press, a white straw hat Riess wore in the footage belonged to Hutchinson.  While in Ocala, Riess is accused of withdrawing another $500 from Hutchinson’s bank account.  From there, Riess is accused of making her way west across the southeastern U.S., making several stops in Louisiana -- including at another casino -- before being seen driving the Acura around Corpus Christi, Texas. She attempted to get $200 from Hutchinson’s account at a gas station, but the effort failed, the News-Press reported.  Riess used her own ID to claim a $1,500 jackpot at a Louisiana casino, the newspaper reported.  Riess remained at large until April 19, when she was arrested on South Padre Island in Texas. Dodge County Sheriff Scott Rose said a man recognized Riess when she walked into a restaurant on the island, located about 25 miles from the Mexican border, and looked at a menu. Riess did not stay to eat at the restaurant, identified as Dirty Al’s Seafood, but the man called police to report the sighting. A South Padre Island police officer and a federal marshal responded to the area and spotted the white Acura that had been stolen from Hutchinson at another nearby restaurant, the Sea Ranch.  Riess was taken into custody as she sat at the bar inside, eating a meal and chatting with fellow patrons. She was subsequently extradited back to Florida to face charges in Hutchinson’s homicide.   Riess was indicted June 6 in the case, according to court records. Prosecutors are seeking the death penalty in Hutchinson’s slaying. 

Washington Insider

  • Frustrated by opposition on some college campuses to conservative speakers, President Donald Trump on Thursday signed an executive order which threatens to take away federal research grant money from colleges and universities, if those schools don't guarantee First Amendment protections for those who want to speak on campus. 'We're dealing with billions and billions and billions of dollars,' President Trump said in a White House ceremony on Thursday. Flanked by conservative activists who have run afoul of protests at college and university campuses, Mr. Trump made clear that he wants new opportunities for their voices to be heard. 'Universities that want taxpayer dollars should promote free speech,' the President added. 'This order is part of the Trump Administration’s administrative and legislative efforts to support a focus on student outcomes and improve transparency, accountability, and affordability in postsecondary education,' the White House said in a statement. The President had raised this matter earlier in the month, during an appearance at the Conservative Political Action Conference just outside Washington, D.C. It was not immediately clear how the Thursday signing would change the current landscape governing money being sent to schools by the feds, as there are already requirements to uphold the First Amendment. In a morning conference call with reporters, a senior administration official refused to give any hints about how the requirement would be enforced differently going forward. 'I won't get into implementation details,' the official said, repeatedly deflecting questions in a Thursday conference call with reporters about how the plan would work.  'But schools are already supposed to be following these rules,' as the official said 'the goal of the order is to promote free speech more broadly across college campuses.' The plan drew immediate fire from the President's critics. 'President Trump’s concept of free speech is speech that he agrees with, which is, in fact, the antithesis of what the First Amendment seeks to protect,' said Randi Weingarten, the President of the American Federation of Teachers union.