Trump says he's willing to consider raising gas tax

Trump says he's willing to consider raising gas tax

Trump says he's willing to consider raising gas tax

Of Trump's first 100 days in office, Stockman again referred to the White House as a "pop up store giving out candy before the 100th day to say they've accomplished something".

Central questions remain unanswered.

A tax on fuel was not included in the White House's one-page tax proposal unveiled late last month. The Trump administration officials explained that the details would be provided at a later date when the legislative part of the process begins.

Should California lawmakers support the plan?

Congress has not raised the federal gas tax since 1993.

NBC's White House correspondent Peter Alexander said almost the same thing: "So how much would the president's tax plan cost?"

In the interview, Mnuchin called a bipartisan deal on a $1.1 trillion spending bill announced early Monday morning as "important to keep the government open" and said the focus has shifted to next year's budget to get what the Trump administration really wants done. The major savings that would accrue to poorer households is an increase in the standard deduction to $12,000. This would benefit many middle-income taxpayers and simplify the code by encouraging more people not to take itemized deductions.

Think of a middle-class couple with three kids. They have suddenly gone silent.

There had been discussions about combining an infrastructure plan with a proposal to overhaul the USA tax code, but the administration probably won't do that because "they're both complicated issues, " Treasury Secretary Steven Mnuchin said at the Milken event.

Trump's tax plan could cost an estimated $5.5 trillion
But again, it's impossible to know for sure without details about which income levels would be assigned to which tax bracket . It's also impossible to know what sorts of new or different tax breaks will be available for child care or elder care.

The Trump administration released an outline of a tax plan last week that would slash tax rates for businesses and reduce the number of tax brackets for individuals.

Proposing tax cuts is the surest way to turn the liberal news media into deficit hawks.

Don't hold your breath.

The leader of the majority party State Senate Republicans, John Flanagan, said in a statement that while he supports the idea of tax cuts, he has "grave concerns" about eliminating the state and local tax deductions. However, a staff member of a ranking Republican member of the House said it's unlikely the deduction is in serious danger.

The idea of ending the carried-interest loophole was pushed hard by Trump during the 2016 presidential campaign as he sought to establish his populist credentials.

It would exponentially increase taxes on individuals who move above their present tax rate; such as going from 10 to 25 percent (instead of to 15 percent).

Kennedy is often credited with spearheading the first major tax cut in modern US history, though President Lyndon B. Johnson signed the final legislation after Kennedy's assassination.

Case in point: his recent interview with Bloomberg.

Read the full report at Bloomberg.

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