I like the corporate rate being lowered to 15%, given that makes the United States competitive with the rest of the world. That is a potentially a YUGE growth and job creator. A lot of corporations are parking lots of money outside the U.S., specifically to avoid the current corporate rate.
It simplifies things to three brackets. It also proposes deductions be simplified and many eliminated (other than charitable and home mortgage deductions, which are specifically protected), with the standard deduction doubled. But it is given in very broad strokes and we need to see how this plays out with the numbers.
Blogmocracy: 3% growth and the debt
Don Surber: Trump debuts his tax reform plan
Zero Hedge: Doubts it would pass as presented today
NRO: Growth helps but won't solve everything and Can we afford the Trump tax plan?
Legal Insurrection: Mr. Trump, tear down that wall, Cut Corporate and Three Tax Brackets
Rush Limbaugh: Trump's cuts will boost revenues, just like Reagan's, how to bring Apple's billions home, and Democrats Lie
Reason's Hit & Run: Trump Tax Plan: Lower Rates, Fewer Breaks With the State tax deduction out, people in New York and California could end up paying more...response was why should the nation subsidize those states (good answer if you don't live in NY or CA).
Wombat: Twitchy: Trump Tax Plan Takes Aim At High-Tax Blue States, Louder With Crowder: Ted Cruz Introduces “El Chapo Act” To Fund The Wall
Instapundit: Trump approvals rise with his tax plan, Trump's plan more damaging than Reagan's (they say it like that is a bad thing), Trump tax plan takes aim at high tax blue states, Trump's tax plan is a major test for him (sure to engage his enemies)
If the past is any indicator; Congress will pass the removal of the deductions, claim they enacted most of Trump's wishes, and we will pay more in taxes until it kicks off the next recession.
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