While his promise to cut taxes, mostly to the benefit of upper income earners, will probably lead to a short - term boost in U.S. GDP growth, it also threatens to leave a significant shortfall in
federal tax revenue down the road — as much as $ 6.2 trillion over the next decade.
Not exact matches
On the
federal level, while the wages of ordinary workers find no shelter from the Internal
Revenue Service, exemptions and special preferences for landowners whittle
down their
taxes or turn real estate losses into profits.
If adopted on a large scale in New York and California, the measure would sabotage Trump's
federal tax law by sapping its
revenue stream while compounding
federal deficits years
down the road, according to the
tax experts.
The trio also doubled
down on claims that the bill, signed by President Donald Trump last December, was a deliberate attempt to punish left - leaning states which contribute more
tax revenue to the
federal government than they consume.
Moroney, the card industry consultant, says it may just be a matter of time before all rewards are
taxed — especially with the
federal government looking for
revenue sources to help pay
down the national debt.
Suburban REALTORS Alliance Position The Alliance is opposed to increases in the current transfer
tax for the following reasons: 1) As the transfer
tax is levied only on buyers and sellers of property, the burden per taxpayer is greater than the burden from a more broad - based
tax designed to generate the same amount of
revenue; 2) Since public transportation is a benefit that is open to all members of society, the charge should not be placed solely on buyers and sellers of property; 3) The transfer
tax adds additional burdens on first - time home buyers saving for a
down - payment and covering the closing costs and runs contrary to existing
federal, state, and local programs including the mortgage interest deduction, low interest property maintenance loans, and grants to first time homebuyers; 4) A real estate transfer
tax is a state and local
tax assessed on real property when ownership of the property is exchanged between parties.
A reduction in the corporate rate by 20 percent corresponds to a $ 2 trillion reduction in
federal revenue over the next 10 years, she notes, citing the Joint Committee on Taxation data that shows each percentage point cut in the corporate
tax rate brings
federal revenue down by about $ 100 billion over a decade.