Tags: white house | tax | deductions | plan | tax reform

White House Targets Tax Deductions

Image: White House Targets Tax Deductions
Gary Cohn (Rex Features via AP Images)

By    |   Wednesday, 19 Apr 2017 01:29 PM

President Donald Trump's administration is considering capping or eliminating tax deductions as part of its plans for tax reform.

Axios reports that Trump's chief economic advisor Gary Cohn has privately indicated that he supports simplifying tax code by eliminating tax deductions.

"We haven't reached the stage of talking about which deductions would stay or go because we are still in listening mode, hearing from key stakeholders before developing a comprehensive plan," according to the White House. "To the extent state and local deductions have been discussed, they've been among a laundry list of options that could be explored — no more those than any others."

The White House is also considering a cap on tax deductions for charitable donations, according to The Hill. An unnamed Senate aide said that although this proposal is "within the realm of possibility," Treasury Secretary Steven Mnuchin has not suggested this specifically in meetings with Republican lawmakers.

"I always assumed there would be some sort of overall cap on deductions in that zone," Grover Norquist, head of Americans for Tax Reform, told the Hill.

"People are less affected by taxes than they are by general income," he added. "If people feel like they'll make another thousand dollars next year or another million dollars next year, then you don't mind making a contribution. You can replenish it with more work."

The Council on Foundations' Hadar Susskind told the Hill that the GOP is split on capping charitable contributions.

"One of the plans Trump put out during the campaign talked about capping the deduction. [Another plan] said we're not going to do that. Since they've been in office, there was a comment or two that came out of the White House saying they were considering it and then others saying they were not considering it," he said. "They've got at least two camps going on in the White House."

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President Donald Trump's administration is considering capping or eliminating tax deductions as part of its plans for tax reform.
white house, tax, deductions, plan, tax reform
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2017-29-19
Wednesday, 19 Apr 2017 01:29 PM
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