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The Chronicle Telegram in Elyria, Ohio

03 Nov 2017

Page 21

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Newspaper

The Chronicle Telegram

Location

Elyria, Ohio, United States of America

Date

Nov 03, 2017

Page

21

Tax plan promises middle class relief but risks and gains unclear

The plan touted as aiding the middle class targets a typical family of four earning 59,000 with a 1182 tax cut next year but faces phase-outs and reforms that could raise taxes for some. Wealthier individuals and firms stand to benefit more, while benefits may erode over time due to debt limits and inflation measures.

MENTIONED IN THIS ARTICLE

Washington House America U.S Kevin Brady Ways and Means Committee Donald Trump Trump Martin Sullivan Tax Analysis Treasury Department Sullivan Committee Gary Cohn Economic Club of Washington Gene Sperling Obama Clinton Congressional Republicans Kevin Hassett White House Kent Smetters IRS David Kamin Obama White House New York University
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Tax bill targets overseas profits of big U S firms

A House Republican plan would tax cash overseas profits at 12 percent and reinvested gains at 5 percent, mandating payments over up to eight years. Apple Microsoft Alphabet Oracle Johnson & Johnson and others hold about 3.1 trillion offshore, with a projected $223 billion in revenue over a decade.

MENTIONED IN THIS ARTICLE

U.S Apple Procter & Gamble House Steven Englander Rafiki Capital Management White House Goldman Sachs Microsoft Cisco Systems Alphabet Inc Oracle Johnson & Johnson Bloomberg Joint Committee On Taxation New York Peter Farley Hatcher Park
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