Trump's tax plans

[stpioc]

Running into some sharp objects..

The National Association of Home Builders on Sunday came out against the forthcoming Republican tax bill. The NAHB was working with lawmakers on changes to the mortgage-interest deduction in the plan, but did not support the proposed changes and said the bill would not incentivize homebuying. The NAHB's position indicates a broader problem for Republicans as they try and eliminate various deductions.

Trump tax plan opposed by National Association of Home Builders - Business Insider

Republican tax reformers face a math problem. They want to do about $5 trillion worth of tax cuts over a decade, but they only want to grow the budget deficit by $1.5 trillion. That means they have to find ways to raise about $3.5 trillion in offsetting revenue, and they need to resist the temptation to add new tax cuts demanded by various constituencies — such as the homeowner credit sought by the homebuilders. A lot of the support for the tax reform comes from people who think they're going to get something specific out of the tax plan. But the need to fit the plan in the $1.5 trillion box is going to require telling a lot of those people they aren't going to get what they expected.

How tax reform is likely to pan out - Business Insider

The Republican tax plan expected to be released this week will explode the deficit, according to a study from the University of Pennsylvania's Wharton School released Monday.   The study, which relies on the Penn Wharton Budget Model (PWBM), found that the deficit would increase by $1 trillion to $3.5 trillion over the course of the first decade, based on differing estimates of how the final plan will look. By 2040, the plans would cost between $2 trillion and $10.6 trillion.

GOP tax plan will explode deficit: Wharton study | TheHill

Republican Senator Susan Collins of Maine said Monday she’s opposed to two tax breaks for the wealthy that her party leaders are pushing for, indicating that her vote won’t be easy to win on President Donald Trump’s top legislative priority. “I do not believe that the top rate should be lowered for individuals who are making more than $1 million a year,” Collins said during an interview with Bloomberg News. “I don’t think there’s any need to eliminate the estate tax.” Repealing the estate tax and cutting the individual rate from 39.6 percent for top earners “concern me,” she said, adding that she’s conveyed her opposition to party leaders.

Key GOP Senator Susan Collins Lays Out Her Demands for Tax Bill - Bloomberg