Trump’s new tax proposal could raise $30 billion in taxes on average over 10 years
By Paul J. WeberPublished Aug. 12, 2018 09:55:01The Trump administration has proposed a new tax on the biggest U.S. corporations, an increase of about $30 trillion over 10 decades.
The proposal was announced on Tuesday by the President’s Council of Economic Advisers.
It would raise about $7 trillion over the next 10 years in tax revenue.
The tax would be a major change from current law, which has raised more than $200 billion in revenue for the federal government and lowered the corporate tax rate to 28 percent.
The White House has previously said the tax would raise $100 billion a year over 10-year periods, though a White House budget office said it was premature to say how much of that would be collected through the tax.
The President’s plan, released Tuesday, said that corporations that are not publicly traded and that generate revenue for private and state governments would be subject to a higher tax rate.
The companies that pay the most taxes would pay a flat rate of 25 percent on their earnings, according to the proposal.
Under the proposal, the President said, the U.s. economy would be more competitive and productivity would grow faster than the global average.
The administration’s proposal would not apply to businesses that are self-employed or that pay their own taxes.
The plan, however, would affect a broad swath of businesses.
The administration’s plan includes the provision that the plan applies to firms with revenues of $250 million or more a year.
The Treasury Department estimated in a February report that about one-third of businesses with annual revenues of at least $250,000 would be affected by the plan.
The plan would affect businesses that have more than 200 employees, have more total assets than $500,000 and are located in states with populations greater than 250,000.
About $4.2 trillion in revenue would be lost if the tax is adopted, according a White the Treasury Department estimate.
The estimated loss is $10.6 trillion over a decade, or about 10 percent of economic output, the White said.
“The Whitehouse’s proposal is a massive tax increase on businesses and families that are already struggling to keep their businesses afloat and grow their businesses,” White House Press Secretary Stephanie Grisham said in a statement.
“It will hurt small businesses and middle-class families.
The president is right to call this tax a huge and overdue tax increase that hurts the middle class, not the wealthy.
This plan is the first step in the President and his administration’s efforts to make America great again.
The White House will continue to take every opportunity to advance President Trump’s agenda, which includes a huge tax cut and a historic infrastructure package that will create thousands of good-paying jobs.”
The plan also included a proposal to create a new trust fund to pay for a variety of federal programs and programs that help the middle and lower classes.
The proposal calls for $500 billion to be added to the trust fund over 10 to 15 years to pay down the debt.
It also called for creating an infrastructure trust fund for infrastructure projects to help small businesses that rely on federal funds.
The measure would create a trust fund that would provide a fixed amount of federal money for infrastructure improvements and public works projects, as well as a new program to pay off the $500-billion debt.
The Trump plan would increase the minimum wage by about 1.6 percent annually over a five-year period.
The minimum wage would be $7.25 an hour by 2021, up from $5.25 now.
The wage would rise each year through 2021, rising to $10 an hour in 2022 and $15 an hour thereafter.
The average wage would increase to $23.75 an hour over the same period.
The president’s plan also calls for repealing the Affordable Care Act’s tax credit for families with children, known as the child tax credit.
The tax credit was created in 2009 under President George W. Bush, when it was aimed at helping low-income families with a tax credit that was not intended to help high-income earners.
Under Trump’s plan the credit would be eliminated.
The child tax credits would be phased out over five years, starting in 2021.
The new plan calls for a 2.9 percent tax on earnings above $200,000, with a 3.2 percent tax rate on earnings over $250.
The Trump plan also called on the Treasury to issue a $3 trillion tax cut to the wealthy, which would raise nearly $300 billion over 10 months.
The increase would be offset by reducing the tax rate for businesses that pay a lower rate.
In addition, the proposal would phase out the estate tax, which applies to estates worth more than nearly $5 million.
The Tax Policy Center estimated the tax increase would raise just $11 billion over a 10-month period.
Trump’s proposal does not include a detailed plan for how the tax cut would be paid for, though the White House is calling for