DENVER -- Lower tax rates for businesses and fewer income tax rates for individuals. Those are just some of the highlights of the Republican plan for tax reform that was unveiled last week.
“Anything that can be done to simplify the tax code for both businesses and individuals is a huge plus,” University of Denver business professor Mac Clouse told Anne Trujillo on this weekend’s Politics Unplugged.
The plan also calls for a much larger standard deduction and child tax credit and a repeal of the estate tax.
“This latest proposal on this America First tax relief plan focuses on three main tenets: make it simple, make it fair, bring it home and win again,” said Jeff Wasden, president of the Colorado Business Roundtable. “This is to stimulate the economy to create jobs to encourage investment, repatriate funds that are parked over funds and really get this economy jump started.”
While the plan has been in the works for some time, the version unveiled by President Donald Trump on Wednesday omits many details that congressional tax writers will now decide as they draft legislation aimed at turning the proposal into law.
“What we don’t know is whether your income is going to make you end up with a lower rate or a higher rate than you had before,” Clouse said. “Because there are no specifications as to what income rates those apply to, there have been a lot of conclusions that people have been talking about and it’s really difficult to come to conclusions when you don’t have full numbers.”