a lot of folks will remember nafta from the campaign trail, donald trump regularly railed against the trade deal calling it a disaster for american workers but after considering dumping it all together the white house says it has announced the president is ready to make a deal, the administration says donald trump agreed not to terminate nafta and leaders agreed to proceed swiftly according to their required internal procedures to enable the renegotiation of the nafta deal to benefit all three countries, canada and mexico being the other two. this on the heels of the white house unveiling its plan to reform the tax code which the top advisers say will boost the american economy. here are highlights of the plan. the number of tax brackets will be reduced from 7 to 3, and 35% and most americans can expect to keep more of their income as well standard deduction for married couples to $20,000 but
filing more simple, creating more jobs and making the economy better. when it comes to jobs and economic strength you give them a minus. i give him an a on that part of the tax-cut. the part i am concerned about are the deficits, that could be a long-term problem for the economy but in the short term he talking progrowth policies, that is what he is prioritizing and that is what voters were looking for, get back to that. s tax plan will do that. he has to think about how to manage long-term deficits. when it comes to confidence in business it is a tie. highest in 15 years, consumer confidence near record highs, this is good news, people in the economy want to spend, hire, good jobs, get wages up, they are looking for them to execute on his policies, the tax reform, healthcare reform, if you can get those things done you get into a territory and that is it. overall you give him an a-. i love where he is going. i would like to see him solve these tax problems when it comes
also eliminates nearly all deductions apart from those for mortgages and contributions to charity, business groups are praising the plan to drop the corporate tax rate which is the highest in the world from 35% to 15%. several other taxes will be repealed including the obamacare tax on small business and investment income and the estate tax and the death tax. here is steve mnuchin last night. this is about a middle income tax cut and lowering business taxes, we need to make businesses competitive in the united states, we have the most uncompetitive system with high business rates, tax on worldwide income, this is about changing that, massive reductions in business rates for corporations and small businesses. the plan needs to pass
congress and democrats are calling it a tax cut for the rich and wealthy businesses like those of donald trump s and they say right now there is no sign this is something they will support. look at the details first, could be a big deal. it could be the most historic tax plan in american history but the mainstream media can t let donald trump s taxes go, supporter slamming the secretary of the treasury and white house press briefing. will the president release his tax returns? the president has no intention, he has released plenty of information and it has given more financial disclosure than anybody else. the american population has plenty of information. excuse me. other people would like to ask questions. according to our estimation, 2005 returns that are out there getting rid of the alternative minimum tax rate, 5.3,
renegotiation of the nafta deal for the benefit of all three countries. this of course came after the white house s big announcement yesterday on its proposed tax reform which it calls the biggest tax cut in american history and if it goes through it could make filing taxes a whole lot simpler. are the highlights of the president s proposal, rather than the current seven tax brackets there would be only three, 10, 25, and 35% and doubled the standard deduction for couples to $24,000 but also eliminates all deductions apart from those for mortgage interest and contributions to charity. good news for businesses as well, the corporate tax rate currently the highest in the world would drop from 35% to 15% and several other current taxes will be repealed including the obamacare tax on small business and investment income, the estate tax or just taxes it is called. this plan still needs to pass through congress.