Page 43 - Top Rate News Today : Breaking News, Live Updates & Top Stories | Vimarsana

This is not a tax cut for 90% of the americans, this is a tax increase for anybody that makes money paying ordinary income taxes. maybe if you pay capital gains taxes, if you have a lot of partnership income, this could be a tax cut. for people who have a w-2, this is a tax increase. >> how? how is that? how does it raise their taxes? >> how doesn't it raise their taxes? cutting the -- if you're a private equity guy, you get a tax decrease -- >> no, no. >> the top rate goes from 39.6% to 37%. you've got capped on -- >> i get that. but how does it raise taxes for the middle class. >> anybody on...

President, mike pence has delayed a long planned trip to the middle east to be available to cast a tie-breaking vote if necessary. but the president is confident that it gets done by the end of this week. >> we have a tremendous spirit for the tax reform. this is going to be one of the great christmas gifts for middle income people. >> are still seven tax brackets under the new plan but the rates are lower until 2025. the new top rate for top earners dropped from 39.6 percent to 37 percent. the child tax credit doubles to $2000 per child. and the standard deduction nearly doubles as well. the ...

Delayed a long planned trip to the middle east to be available to cast a tie-breaking vote if necessary. but the president is confident that it gets done by the end of this week. >> we have a tremendous spirit for the tax reform. this is going to be one of the great christmas gifts for middle income people. >> are still seven tax brackets under the new plan but the rates are lower until 2025. the new top rate for top earners dropped from 39.6 percent to 37 percent. the child tax credit doubles to $2000 per child. and the standard deduction nearly doubles as well. the $12,000 for single filers....

>> our current tax code is burdensome, complex and profoundly unfair. it has exported our jobs, closed our factories and left millions of parent worried that their children might be the first generation to have less opportunity than the last. >> reporter: the gop plan is expected to lower the corporate tax rate to 21%, trim the top rate for individuals to 37%, reduce the morning deduction for homeowners and repeal the individual mandate in obamacare. a holiday gift, the president claims, for taxpayers. >> we want to give you, the american people, a giant tax cut for christmas. and when i say g...

Page tax proposal. still vague on key details. plan lowers corporate tax rate from 35% to 20%. simplifies and cuts tax rates. expanding the child tax credit and inherited wealth. individual income rates would consolidate. the current top rate is 39.6% and current low rate is 10%. now estimates say the plan could cost up to $2.2 trillion. republicans have not outlined plan to pay for it yet. democrats say the benefits to the wealthy far outweigh the ones to the middle class and that's something president trump disputed while he promoted the plan from the indiana state fairgrounds. >> our framew...