{"id":1722,"date":"2017-06-07T11:45:31","date_gmt":"2017-06-07T15:45:31","guid":{"rendered":"https:\/\/granitestatetaxpayers.org\/gst\/?p=1722"},"modified":"2017-06-07T11:50:29","modified_gmt":"2017-06-07T15:50:29","slug":"president-proposes-tax-plan","status":"publish","type":"post","link":"https:\/\/granitestatetaxpayers.org\/gst\/president-proposes-tax-plan\/","title":{"rendered":"President Proposes Tax Plan"},"content":{"rendered":"<p><strong>President Trump Announces Tax Plan<\/strong><\/p>\n<p>The President has recently announced his concept for revising the US tax code.<br \/>\n<a href=\"https:\/\/granitestatetaxpayers.org\/gst\/wp-content\/uploads\/2017\/05\/trump-tax-reform.pdf\" target=\"_blank\">Click here to read or download the President&#8217;s Plan.<\/a><\/p>\n<p>&#8220;We support a simpler tax code with reduced marginal rates,&#8221; said <em>GST<\/em> Chairman Ray Chadwick. &#8220;When Presidents Kennedy, Reagan, Clinton and Bush implemented a similar strategy, the economy expanded and tax receipts increased. That&#8217;s essential today in balancing budgets and reducing national debt.&#8221; <\/p>\n<p><strong>Following are highlights from the President&#8217;s Tax Plan as presented in the Plan document:<\/strong><br \/>\n________________________________________________________________________________________________________________________<br \/>\n<em>The Goals of the Plan are:<\/em><br \/>\n1. Tax relief to let people keep more money in their pockets and increase after-tax wages.<br \/>\n2. Simplify the tax code to reduce effort in preparing taxes and let everyone keep more of their money.<br \/>\n3. Grow the economy by making America globally competitive and discouraging businesses moving overseas.<br \/>\n4. Doesn\u2019t add to our debt and deficit.<\/p>\n<p><em>The Plan Achieves These Goals:<\/em><br \/>\n1. Single taxpayers earning under $25,000, or married jointly earning under $50,000, pay no income tax.<br \/>\n2. All others use a simpler tax code with four brackets \u2013 0%, 10%, 20% and 25% \u2013 instead of the current seven.<br \/>\n3. The new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT).<br \/>\n3. No business will pay more than 15% of their income in taxes, a rate that is one of the best in the world.<br \/>\n4. No family will have to pay the death tax.<\/p>\n<p><em>The Tax Plan Is Revenue Neutral since tax cuts are fully paid for by:<\/em><br \/>\n1. Reducing or eliminating deductions and loopholes.<br \/>\n2. One-time repatriation of overseas corporate cash at a 10% tax, then end tax deferral on overseas income.<br \/>\n3. Reducing or eliminating corporate deductions made unnecessary by lower tax rates on business income.<\/p>\n<p><em>When introduced, one percent of Americans paid income tax. It was never intended as a tax on most of us. <\/em><br \/>\nThe tax plan eliminates the income tax for over 73 million households.<br \/>\n42 million households that currently file but don\u2019t owe income taxes will now file a one page form.<br \/>\nOver 31 million households get the same simplification and see an average tax reduction of nearly $1,000.<\/p>\n<p><em>Income tax brackets will go from the current seven brackets to four brackets with lower tax rates:<\/em><br \/>\n_______________________________________________________________________________________________________________________<br \/>\n.Income&#8230;.Long Term Cap Gain\/&#8230;&#8230;&#8230;.Single Filer&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;Married Filer&#8230;&#8230;&#8230;&#8230;&#8230;Head of Household<br \/>\n&#8230;Tax&#8230;&#8230;&#8230;&#8230;Dividends&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.Income&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.Income&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..Income<br \/>\n&#8230;Rate&#8230;&#8230;&#8230;&#8230;.Rate<br \/>\n&#8230;..0%&#8230;&#8230;&#8230;&#8230;&#8230;0%&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..$0 to $25,000&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.$0 to $ 50,000&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;$0 to $ 37,500<br \/>\n&#8230;10%&#8230;&#8230;&#8230;&#8230;&#8230;0%&#8230;&#8230;&#8230;&#8230;&#8230;.$25,001 to $ 50,000&#8230;&#8230;&#8230;..$50,001 to $100,000&#8230;&#8230;&#8230;..$37,501 to $ 75,000<br \/>\n&#8230;20%&#8230;&#8230;&#8230;&#8230;..15%&#8230;&#8230;&#8230;&#8230;&#8230;$50,001 to $150,000&#8230;&#8230;&#8230;$100,001 to $300,000&#8230;&#8230;&#8230;..$75,001 to $225,000<br \/>\n&#8230;25%&#8230;&#8230;&#8230;&#8230;..20%&#8230;&#8230;&#8230;&#8230;..$150,001 and up&#8230;&#8230;&#8230;&#8230;&#8230;$300,001 and up&#8230;&#8230;&#8230;&#8230;&#8230;$225,001 and up<br \/>\n_______________________________________________________________________________________________________________________<\/p>\n<p><em>Deductions:<\/em><br \/>\nWith lower tax rates, many current exemptions and deductions will become unnecessary or redundant.<br \/>\nThose within the 10% bracket will keep all or most of their current deductions.<br \/>\nThose within the 20% bracket will keep more than half of their current deductions<br \/>\nCharitable giving and mortgage interest deductions will remain unchanged for all taxpayers.<br \/>\n________________________________________________________________________________________________________________________<\/p>\n<p>&#8220;As with any plan or legislation, the devil is in the details, said Chadwick. &#8220;<em>GST<\/em> will be monitoring the progress of the proposed tax plan as it is implemented by the Congress.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Trump Announces Tax Plan The President has recently announced his concept for revising the US tax code. Click here to read or download the President&#8217;s Plan. &#8220;We support a simpler tax code with reduced marginal rates,&#8221; said GST Chairman Ray Chadwick. &#8220;When Presidents Kennedy, Reagan, Clinton and Bush implemented a similar strategy, the economy [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":342,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-1722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-secial-alerts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>President Proposes Tax Plan - Granite State Taxpayers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/granitestatetaxpayers.org\/gst\/president-proposes-tax-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"President Proposes Tax Plan - Granite State Taxpayers\" \/>\n<meta property=\"og:description\" content=\"President Trump Announces Tax Plan The President has recently announced his concept for revising the US tax code. Click here to read or download the President&#8217;s Plan. &#8220;We support a simpler tax code with reduced marginal rates,&#8221; said GST Chairman Ray Chadwick. &#8220;When Presidents Kennedy, Reagan, Clinton and Bush implemented a similar strategy, the economy [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/granitestatetaxpayers.org\/gst\/president-proposes-tax-plan\/\" \/>\n<meta property=\"og:site_name\" content=\"Granite State Taxpayers\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/GraniteStateTaxpayers\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-07T15:45:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-06-07T15:50:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/granitestatetaxpayers.org\/gst\/wp-content\/uploads\/2012\/05\/Hand-with-Money-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"460\" \/>\n\t<meta property=\"og:image:height\" content=\"270\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"GST\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"GST\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/granitestatetaxpayers.org\\\/gst\\\/president-proposes-tax-plan\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/granitestatetaxpayers.org\\\/gst\\\/president-proposes-tax-plan\\\/\"},\"author\":{\"name\":\"GST\",\"@id\":\"https:\\\/\\\/granitestatetaxpayers.org\\\/gst\\\/#\\\/schema\\\/person\\\/1dfdf5d90cf5aee92e56d7f6eb8df73c\"},\"headline\":\"President Proposes Tax Plan\",\"datePublished\":\"2017-06-07T15:45:31+00:00\",\"dateModified\":\"2017-06-07T15:50:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/granitestatetaxpayers.org\\\/gst\\\/president-proposes-tax-plan\\\/\"},\"wordCount\":480,\"publisher\":{\"@id\":\"https:\\\/\\\/granitestatetaxpayers.org\\\/gst\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/granitestatetaxpayers.org\\\/gst\\\/president-proposes-tax-plan\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/granitestatetaxpayers.org\\\/gst\\\/wp-content\\\/uploads\\\/2012\\\/05\\\/Hand-with-Money-2.jpg\",\"articleSection\":[\"Special Alerts\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/granitestatetaxpayers.org\\\/gst\\\/president-proposes-tax-plan\\\/\",\"url\":\"https:\\\/\\\/granitestatetaxpayers.org\\\/gst\\\/president-proposes-tax-plan\\\/\",\"name\":\"President Proposes Tax Plan - 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