WASHINGTON (AP) — The administration officials who gave President Donald Trump's tax plan a splashy debut in recent days seem to have caught the exaggeration bug from their boss. TREASURY SECRETARY STEVE MNUCHIN, on Trump having no intention of releasing his own tax returns ever: The president has released plenty of information and I think has given more financial disclosure than anybody else. During last year's election campaign, Trump argued that he couldn't release his taxes because he was under an audit by the IRS. [...] those forms don't disclose precise numbers, and they include nothing about a person's income or charitable giving — data disclosed only in tax returns. Two leaked pages of his 2005 return that came out in March didn't include full details on income and deductions, but did show that he would have benefited massively by an elimination of the alternative minimum tax — a feature of his just-outlined tax plan. In its analysis of the Trump plan, the Committee for a Responsible Federal Budget said "no achievable amount of economic growth could finance it" and it would drive the debt to 111 percent of the gross domestic product by 2027, compared with 77 percent now. COHN: "We are going to cut taxes for businesses to make them competitive and we're going to cut taxes for the American people, especially low- and middle-income families." Based on the outline, there's every reason to believe the wealthiest people in the United States will receive the biggest cuts under Trump's plan, though many low- and middle-income families would benefit, too. [...] the plan is similar in outline to Trump's campaign proposal, which would have given nearly half its benefits to the wealthiest 1 percent of Americans, while middle-income households would have received barely 7 percent of the cuts. The AMT is a separate tax calculation intended to ensure that richer people don't avoid paying most or all of their taxes by claiming multiple deductions and credits. The biggest windfall for rich people could come from Trump's plan to lower the top tax rate for small-business owners to 15 percent from 39.6 percent. If the tax cut applies to all business income reported on individual tax returns, it would be a huge benefit for many wealthy families. A salvo of multiple North Korean short-range missiles, for instance, could overwhelm THAAD, said David Wright, co-director of the Union of Concerned Scientists' Global Security Program. TRUMP tweet on the tactics of the two jurisdictions that challenged his order to penalize cities that don't cooperate with U.S.
Ap Fact Check: Have Trump Aides Caught His Exaggeration Bug?
By CALVIN WOODWARD and JIM DRINKARD, Associated Press, San Francisco Chronicle: Politics
Sat, 04/29/2017 - 5:46am
Topics: washington ap the president donald trump treasury secretary steve mnuchin irs march responsible federal budget cohn american based united states the amt north korean thaad david wright union concerned scientists global security program u.s messy i in a the trump trump percent people returns cut cuts
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