Trump campaign says he’ll announce new tax proposals today. He’ll be giving a what’s billed as a major policy speech at the New York Economic Club that is expected to include new tax details. In August, Trump seemed to embrace key elements of the tax plan proposed in June by House Republicans, while retaining some provisions of his original 2015 plan. Perhaps he’ll fill in more details today.
How would Trump support family caregivers? TPC’s Howard Gleckman considers the GOP nominee’s new proposal to allow caregivers to deduct up to $5,000 for the costs of home care, adult day programs, and the like. That tax break might even be available to those who stay home to care for parents and do not use paid caregivers. “But,” Howard explains, “Trump’s plan has many gaps and some serious flaws.”
Interested in dynamic scoring? Tune in tomorrow! If you can’t attend in person, see the panel discussion on dynamic scoring of tax proposals in a live stream here, beginning at 10:00 am. Because Trump may announce new details of his tax proposal today, researchers won’t release their analyses of the presidential candidates’ plans at the event. But they will as soon as they can model any new Trump ideas.
Speaking of modeling… The Center for American Progress has a new brief on how better economic research on education, infrastructure, and health can help budget for public investment and economic growth. Author Harry Stein makes four recommendations: (1) Broaden the conception of public investment; (2) consider different scenarios for aggregate demand; (3) examine how changes in revenue levels affect public investment; and (4) reject dynamic scoring.
Tax subsidies for home ownership mostly help the wealthy. The latest TaxLine post shows how one-fifth of households benefit from property tax and mortgage interest deductions. In 2016, over 85 percent of those in the top 1 percent of earners will enjoy these tax breaks. But for the bottom 40 percent of earners, less than one in 20 will benefit.
Are Americans hungry for tax reform? It seems like it, given results of a new survey from WalletHub, an online personal finance service. Nearly 57 percent of the 1,040 people surveyed said that who should pay taxes and how much was more important than "whatever is best for the economy.” And 90 percent think income from investments should be taxed at least as much as wages.
GOP Senator Heller wants a hearing on international tax issues. The Nevada lawmaker has requested a Senate Finance Committee hearing on the topic. At issue: Treasury’s proposed rules to curb offshore tax deals and the European Union's investigations of US companies’ tax practices. He also reiterated his hopes for the panel to work on international tax reform.
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