About the "2017 Tax Reform" Plan

In early February, Donald eliminated his Tax Plan page from his campaign website. Yesterday, he trotted out basically that Tax Plan page. Unfortunately for him -- but fortunately for us -- the Internet Archive has it saved.

Let's review it line by line:

• Tax Brackets:
• April 26: "Reducing the 7 tax brackets to 3 tax brackets of 10%, 25%, and 35%"
• Campaign website: "The Trump Plan will collapse the current seven tax brackets to three brackets."
• "Brackets & Rates for Married-Joint filers:"
  • "Less than $75,000: 12%"
  • "More than $75,000 but less than $225,000: 25%"
  • "More than $225,000: 33%"
• Standard Deduction:
• April 26: "Doubling the standard deduction"
• Campaign website: "The Trump Plan will increase the standard deduction for joint filers to $30,000, from $12,600, and the standard deduction for single filers will be $15,000." [2017 standard deductions are currently: $6,350 / $12,700]
• Children, dependents:
• April 26: "Providing tax relief for families with child and dependent care expenses"
• Campaign website: "Americans will be able to take an above-the-line deduction for children under age 13 that will be capped at state average for age of child, and for eldercare for a dependent."
• Wealthy Tax Breaks:
• April 26: "Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers."
• Campaign website: "Carried interest will be taxed as ordinary income."
• AMT:
• April 26: "Repeal the Alternative Minimum Tax"
• Campaign website: "...will be repealed, as will the alternative minimum tax."
• Death Tax:
• April 26: "Repeal the death tax"
• Campaign website: "The Trump Plan will repeal the death tax."
• ACA 3.8% Investment Tax:
• April 26: "Repeal the 3.8% Obamacare tax that hits small businesses and investment income"
• Campaign website: "The 3.8 percent Obamacare tax on investment income will be repealed"
• Corporate Tax Rate:
• April 26: "15% business tax rate"
• Campaign website: "The Trump Plan will lower the business tax rate from 35 percent to 15 percent"
• Corporate Repatriation:
• April 26: "One-time tax on trillions of dollars overseas" and ""Territorial tax system to level the playing field for American companies"
• Campaign website: "It will provide a deemed repatriation of corporate profits held offshore at a one-time tax rate of 10 percent."
• Note: Inherently, corporate profits earned overseas is taxable income, but was allowed to be deferred for forever, except for the occasional tax repatriation holiday. Moving to a "territorial" tax system means corporations will be able to shop around for nations with the lowest tax rates -- something they already do, but are forced to keep cash offshore.
• Special Interest Tax Breaks:
• April 26: "Eliminate tax breaks for special interests"
• Campaign website: "Eliminate special interest loopholes"

Additionally:

• Mortgage and Charitable Deductions:
• April 26: "Protect the home ownership and charitable gift tax deductions"
• November 30 CNBC Interview With Steve Mnuchin:
• "They'll still let you do charities, but there'll be other deductions that are absolutely limited to pay for this."
• "Again, we'll allow — we'll cap mortgage interest, but allow some deductibility."

So basically, he just tossed the press and Americans the same policies he'd campaigned on and had already posted on his website, before he took that page down. Why would he do this? Because the press is gullible enough to treat it as though this plan is an official document, and it provided him with a false sense of accomplishment in the absence of anything outside of three-dozen EOs.

Fail.