Wait for details of Trump tax plan
In a recent letter, the writer enumerated many of the so-called benefits of the vague proposals in the April 26 tax plan.
Beyond a proposal to lower the top rate from 39.6 percent (which very few individuals or corporation currently pay) to 35 percent and to establish three rate levels, the plan was lacking in specifics, namely where those levels would be.
White House Economic Council Director Gary Cohen and Treasury Secretary Steve Mnuchin were both quick to admit that there are many details yet to come, relative to deductions, allowances, etc.
Many of the writer’s ideas on the plan’s details were just suggestions to be considered when the tax plan is formally submitted to Congress.
The lobbyists will then get their opportunity to add or subtract the ideas of their sponsors. The plan will then be amended to make certain that the president has enough votes.
As a famous writer once said, “The devil is in the details.” I would therefore urge all not to rush to judgment until those details are revealed.
Murray Turka
Hilton Head Island
This story was originally published June 1, 2017 at 10:38 PM with the headline "Wait for details of Trump tax plan."