How Will Democrats Fight Trump's Tax Plan?
April 27, 2017
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4:43Now PlayingHow Will Democrats Fight Trump's Tax Plan?
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Will the current crop of corporate democrats in congress put up a fight against Trump’s oligarchfriendly tax plan? Will they take a nap and sit this one out? Cenk Uygur and John Iadarola, hosts of The Young Turks, discuss. Tell us what you think in the comment section below.
"The Trump administration unveiled its promised tax proposal Wednesday. And it’s a whopper. One Trump adviser called it “one of the biggest tax cuts" in American history. So here are the broad strokes:
* Cuts the corporate tax rate from 35% to 15%.
* Reduces the number of income brackets from seven to three (10%, 25% and 35%).
* Doubles the standard deduction (currently $6,300 for individuals and $12,600 for married couples filing jointly).
* Repeals the Alternative Minimum Tax, which forced wealthier individuals to pay higher tax bills.
* Repeals the estate tax, which impacts estates with assets over $5.4 million.
The plan could face an uphill battle in Congress. Cost estimates of the proposal aren’t out yet, but Democrats, and some Republicans, already see red (ink), saying it will increase the national debt by cutting taxes without reducing spending. Others say the plan adds up to a massive gift for billionaires and big business. The White House had hoped to replace Obamacare before going after tax changes, and that still might happen because members of the conservative Freedom Caucus now say they are on board with a new health care plan.”*
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Hosts: Cenk Uygur, John IadarolaCast: Cenk Uygur, John Iadarola
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)
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