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This source was very agreeable because like my CNBC article it was very researched and I could tell the authors knew what the subject was about and were able to use numbers and thoroughly explain what each part of the tax plan would do. They focused on real estate which was nice because it made it more reliable and brought real-life examples into play. I think this source is extremely reliable because they used many stats and did their research.

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House leaders, who have written the plan in secret, have avoided identifying most of the tax breaks that would be quashed under the proposal in hopes of keeping lobbyists at bay. | Mark Wilson/Getty Images

House Republican leaders have begun briefing colleagues on their long-anticipated plan to overhaul the tax code, kicking off what is likely to be a grueling slog to get legislation to President Donald Trump by the end of the year.

The proposal due to be released Thursday is expected to call for the biggest rewrite of the code in a generation. It will call for cuts in tax rates on businesses and most individuals in exchange for killing scores of narrowly drawn tax breaks.

Story Continued Below

Exactly who would lose in the proposal, and possibly have to pay higher taxes, has been a closely held secret, and many lawmakers will surely be surprised at the scope of changes required to make the numbers behind the plan work.

The National Association of Realtors has already begun lobbying against the proposal, with online ads targeting Ways and Means members warning of changes to the popular mortgage interest deduction and a writeoff for state and local taxes.

"Don't let tax reform become a tax increase for middle-class homeowners," the ad says.

The tax overhaul is Republicans' top priority ahead of next year's elections, and lawmakers are desperate for a victory to take to voters after the failed campaign to repeal the Affordable Care Act.

Republicans are hoping to move it quickly through the House, with committee action penciled in for next week. Lawmakers aim to forward it on to the Senate later this month.

Senate Republicans are working on their own competing plan they aim to unveil next week. Lawmakers hope to land a compromise to Trump's desk by the end of this year.

House leaders, who have written the plan in secret, have avoided identifying most of the tax breaks that would be quashed under the proposal in hopes of keeping lobbyists at bay.

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But many Republican lawmakers have little inkling of what's in the bill, and the strategy means leaders have not had much opportunity to build support among rank-and-file members for controversial proposals.

Tax writers worked late into the night Wednesday to put the finishing touches on the legislation, which comes after months of closed-door negotiations. Nonetheless there will likely still be blanks to fill in as the Ways and Means committee moves to take up the legislation next week.

One question is over the fate of a proposal to push people out of 401(k) retirement plans, where savings are taxed when they are withdrawn, and into Roth accounts where they are taxed at the outset.

A GOP tax writer and congressional staffers told POLITICO late Wednesday the House had dropped the idea, but the situation was still fluid and could shift again before the tax-writing committee formally takes up the legislation.

Other issues that may get some clarity on Thursday include whether corporate tax cuts will be temporary or permanent and if a compromise on the state and local tax deduction will be enough to bring around balking lawmakers from high-tax states.

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House GOP leaders set to fire starting gun on tax reform

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House Republican leaders have begun briefing colleagues on their long-anticipated plan to overhaul the tax code, kicking off what is likely to be a grueling slog to get legislation to President Donald Trump by the end of the year. The proposal due to be released Thursday is expected to call for the biggest rewrite of the code in a generation.

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I had a conversation with Jon about my topic and he didn't know much about it. He did say that the plan probably wouldn't work because he's heard on the news of how it is a terrible plan. I told him the background of the topic and he still thought it wasn't that great.

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I disagree with this source mainly because it doesn't give a very factual view of the tax plan and does not mention the numbers that are involved with the tax plan instead they use quotes of numbers that Trump said which does not substantiate anything.The article was not very researched and polished as CNBC's article which included stats and numbers for me to realize the levity of the tax plan. The reliability is a bit lower since they didn't plain stats for the reader to digest but only quotes which obviously don't hold much weight when talking about a subject such as taxes.

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President Donald Trump and Republicans are rolling out their plan to reform the tax system and enact cuts for certain individuals and businesses.

Publicly revealed Wednesday, the dramatic tax overhaul plan heralded as a "once in a generation" opportunity was months in the making, and Trump himself implored lawmakers to work on his plan and cut taxes for the middle class.

Trump campaigned on the promise of overhauling the tax code, and senior administration officials said this plan is "largely similar" to what Trump has called for.

Should the tax reform plan pass, it would be the first major overhaul of the system in decades. The plan's framework is the product of the so-called Big Six: Treasury Secretary Steven Mnunchin; House Ways and Means chair Kevin Brady, R-Texas; Senate Finance chair Orrin Hatch, R-Utah; House Speaker Paul Ryan, R-Wis.; White House economic policy chief Gary Cohn; and Senate Majority Leader Mitch McConnell, R-Ky.

Here's what to know about the plan:

Tax bracket collapses

Republicans plan to simplify the tax code by cutting the number of brackets from seven to three or four, according to senior administration officials. The plans sets the highest tax bracket at 35 percent and the lowest at 12 percent, but senior administration officials said they can be changed.

The standard deduction, which reduces the amount of taxed income, is doubled to $12,000 for individuals and $24,000 for married couples.

"The code currently favors the wealthy and the privileged and the connected who can hire attorneys and accountants to help them navigate and take advantage of exemptions, deductions and credits - many of which go away" in the overhaul plan, White House special counsel Kellyanne Conway told Fox News.

Focus on middle class

"We will cut taxes tremendously for the middle class," Trump said Tuesday after a meeting with members of the House tax-writing committee.

The House Ways and Means Committee's guide on the plan said it would help middle-class Americans with investments such as retirement, starting a business or buying a home.
TRUMP VOWS MILLIONS OF JOBS WITH NEW TAX PLAN
While there are few specifics, the child tax credit is increased and a new credit for non-child dependents would be added. This "relief" will "help lift the middle class and let hardworking families keep more of their hard-earned dollars," Hatch said Wednesday.

The framework also leaves in place certain incentives, including for charitable donations and home mortgage interest.

Democrats have pushed for tax relief being given to middle class Americans - not the wealthiest.
WHO ARE THE WINNERS AND LOSERS OF TRUMP'S TAX PLAN?
The Institute on Taxation and Economic Policy last week slammed Trump's plan as it said it wouldn't alleviate financial burdens of the middle class.

"Vague promises can't conceal the hard facts: if anything resembling President Trump's current proposal becomes law, the outcome would be a redistribution of wealth to the already wealthy on a scale we have not seen before," ITEP executive director Alan Essig said.

Small businesses see relief

The plan would lower the tax rate for small businesses to 25 percent.

Alfredo Ortiz, president of the nonprofit Job Creators Network, praised the proposal for including cuts for small businesses. He told Fox News that Congress should "make these cuts retroactive to January 1st of this year, allowing small business owners to have maximum opportunity."

Corporate tax rate lowered

The plan would lower the corporate tax rate to 20 percent from 35 percent. Trump has previously said he wants to lower it to 15 percent, and the framework's proposed rate is largely seen as his red line on the issue.
SEN. THUNE: REPUBLICANS CAN'T AFFORD TO FAIL ON TAX REFORM
Trump blasted the United States' business tax rates Tuesday and promised to lower them to make the U.S. "super competitive" for companies.

"If we do this, we will create millions of new jobs for our people," Trump said.

Certain taxes eliminated

The plan also would cut certain taxes, such as the so-called death tax, or estate tax. The federal estate tax is "a tax on your right to transfer property at your death," according to the Internal Revenue Service. It only impacts wealthier Americans.

Sen. Bernie Sanders, I-Vt., called the framework "morally repugnant" and said it "is particularly obscene" to eliminate the estate tax.

"Instead of giving more tax breaks to billionaires who don't need it, we should be doing everything we can to rebuild the disappearing middle class," he said.

Republicans also plan to kill the marriage tax penalty, which can occur when a couple marries and files taxes jointly.
The Associated Press contributed to this report.
Kaitlyn Schallhorn is a Reporter for Fox News. Follow her on Twitter @K_Schallhorn.

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Trump, Republicans reveal tax plan: What to know

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President Donald Trump and Republicans are rolling out their plan to reform the tax system and enact cuts for certain individuals and businesses. Publicly revealed Wednesday, the dramatic tax overhaul plan heralded as a "once in a generation" opportunity was months in the making, and Trump himself implored lawmakers to work on his plan and cut taxes for the middle class.

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This video gave a background of how Trump presented how the tax plan would work and sort of hyped it up and then the author then went on to counter why each statement he made was effectively wrong and that the plan would not work in the long run because Trump doesn't know what he's doing according to the author. This is not reliable since it heavily opinionated and does not back up many of his claims with facts or evidence but it was okay to hear something that wasn't straight reporting but had some jokes in it.

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Editor's Note: Edward J. McCaffery is Robert C. Packard trustee chair in law and a professor of law, economics and political science at the University of Southern California. He is the author of " Fair Not Flat: How to Make the Tax System Better and Simpler.

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Trump's massive tax cut -- for the rich | CNN

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Editor's Note: Edward J. McCaffery is Robert C. Packard trustee chair in law and a professor of law, economics and political science at the University of Southern California. He is the author of " Fair Not Flat: How to Make the Tax System Better and Simpler.

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The new tax code talks about the tax on corporate income. Corporate income is corporate profit and that's what is taxed. This tax is 35% but they usually only pay about 20%. This is what Trump is trying to fix and prevent loopholes for lowering tax %.  The government would collect 1.9 trillion fewer dollar over the next 10 years with this new tax code. This makes a huge hole in the budget. I was slightly surprised that companies don't actually pay their tax in full but I like how NPR discussed the outcomes of cutting taxes. NPR is really reliable because they don't have huge advertisers and don't get swayed too much.

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Officially, corporations in the U.S. are taxed at a rate of 35 percent. In reality, they pay a much, much lower rate. That's because the U.S. tax code is filled with deductions and exemptions (which, if you don't like them, you call loopholes).

Politicians from both sides of the aisle like to propose the same kind of change: lower the corporate tax rate, and get rid of some of the loopholes. A few weeks ago, President Trump and Republicans in Congress released a plan to do just that. Today on the show: We break down that plan.

How much lower is the rate going to be? What deductions are really going to disappear? What's going to happen to that giant pile of tax-free money companies are holding outside the U.S.? And, of course: Does putting together gift baskets count as manufacturing?

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Officially, corporations in the U.S. are taxed at a rate of 35 percent. In reality, they pay a much, much lower rate. That's because the U.S. tax code is filled with deductions and exemptions (which, if you don't like them, you call loopholes).

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This project was interesting to see the other viewpoints of a certain topic and not always read what agrees with what you believe in. I saw some articles say they think it'd work and others that completely destroy the idea of adopting this new tax plan. It's nice to be challenged and try to understand why you are being challenged on your topic in the first place. The project also made me learn a little bit about taxes and how corporations are greedy enough to avoid taxes by about 10% and that many people agree that we need a change to the taxes but we haven't found a way to do it well enough yet. My position didn't really change because I didn't have one to begin with really but I would say that I oppose this tax plan.

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I agree with this source because of how it dissects the problems with the new tax plan and how it isn't going to work out as perfectly as Trump makes it sound. They reasonably lay out the flaws and back up why and how those flaws exist. The source gives many statistics and numbers which helps with the reliability of it which you can double check and make sure they are correct. I believe they are reliable but also have a huge corporation that pushes this liberal message out to the audience but it is still very reliable. My reaction was astonishment of how much money is involved with the government mostly because I don't see where TRILLIONS of dollars go.

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Already, Social Security and Medicare comprise about 40 percent of federal spending and 8 percent of the economy. The only way for those numbers to go is up.

In 2017, 45 million Americans receive Social Security retirement checks. By 2027 - the end of the 10-year period in which the budget would take in $1.5 trillion less - 60 million will receive them, the system's trustees project.

That rapid growth will continue into the following decade, when the last boomers retire. By 2033, 77 million Americans will be eligible for Social Security.

Because life expectancy keeps rising, a growing share of them will be over 85, the age group requiring the costliest health services under Medicare and nursing home care under Medicaid. And because those boomers had fewer children than their parents, the number of tax-paying workers supporting each retiree will drop from 2.8 to 2.1.

"Federal spending and taxes will have to grow significantly," writes Paul Van de Water, an analyst at the Center on Budget and Policy Priorities. "This is not a statement of political values. It's a reflection of basic realities."

Other priorities require more federal money, too. President Donald Trump, many Republicans and some Democrats say the Pentagon needs more money to keep up with global threats.

The president, many Democrats and some Republicans insist America's decaying infrastructure needs an upgrade. Those priorities involve long-settled federal commitments, not new programs.

"If we want to maintain traditional American values," says former Treasury Secretary Larry Summers, "government will need to be significantly larger."

The Trump administration, predicting tax cuts will set off an economic boom, dismisses the budget's projected $1.5 trillion deficit increase as overly cautious accounting. Treasury Secretary Steven Mnuchin claims increased growth will create so much new tax revenue that it will reduce deficits and help pay down the nation's $20 trillion debt.

"It's going to be all growth," Trump told a Fox interviewer last week. "That growth can be staggering."

Yet mainstream economists in both parties, citing evidence of recent decades, say growth won't recoup all the lost revenue.

Greg Mankiw of Harvard, a top economic advisor to President George W. Bush, once described those who say tax cuts will pay for themselves and more through growth as "charlatans and cranks." Glenn Hubbard of Columbia, another top Bush advisor, estimates that individual tax rate cuts might generate enough to cover 30 percent of lost revenue, corporate cuts around 50 percent.

If so, GOP tax and budget plans would require the government - already projected to borrow another $10 trillion over the next 10 years - to borrow even more as boomers draw their checks. If the economics profession proves more accurate than Trump, the national debt will grow higher as the economy grows, not lower.

One option, of course, is for the government to reduce its obligations by cutting Social Security and Medicare benefits. But Trump, appealing to his financially squeezed working class supporters, has ruled that out.

The Senate last week voted to let tax cuts create higher deficits. If the House goes along, the GOP tax-and-budget framework will rely on highly speculative revenue projections to finance spending obligations that will keep growing as a matter of demographic certainty.

"This is wishful thinking replacing responsible budgeting," says Maya MacGuineas, who directs the nonpartisan Committee for a Responsible Federal Budget. "It's going to end us up with a mountain of debt."

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Trump's shiny tax-cut plan has a $1.5 trillion problem

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Already, Social Security and Medicare comprise about 40 percent of federal spending and 8 percent of the economy. The only way for those numbers to go is up. In 2017, 45 million Americans receive Social Security retirement checks.

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I chose the topic about Trump's ongoing tax cuts. The reason I chose this topic was that I'm interested in how Trump will try to tackle the problem of changing tax rates for mostly the middle class. Another reason I chose it was because my parents are worried about it so I want to figure out what is causing so much wariness. This topic seems pretty interesting because it has to do with finances which I like because I used to look into stocks and investing. I have no prior knowledge on this topic of tax cuts or taxes in general though.

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This tax cut recently was thought to change people's 401k retirement plans and this article discusses how Trump tweeted about this not being true. It also discusses how if it did make these changes, it would not be able to be passed since it is on such a small thread to be passed by legislative action. This article also discusses how the plan doesn't seem like it will make changes to 401k's but that it may indeed cap some contributions that can be made to the account. I liked how they discussed how cutting 401k contributions would harm the people who use it and making it a hypothetical and making people understand what cutting these 401k plans would do. NYT is extremely reliable because they are a huge company and get any information due to their huge fleet of researchers.

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WASHINGTON - President Trump said early on Monday that his proposed tax plan would not prompt any changes to Americans' tax-deferred retirement plans, pushing back against reports that the Republicans are weighing a proposal that would significantly reduce the income workers can save in these popular programs.

There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!
- Donald J. Trump (@realDonaldTrump) Oct. 23, 2017

Mr. Trump's shutdown of the proposal is the first of what many Republicans privately fear could be a presidential pattern that disrupts their efforts to pass a sweeping overhaul of the tax code. In it, Mr. Trump appeared to rule out a politically difficult idea, which, if enacted, would have provided some revenue to help pay for the tax plan.

Republicans' ability to win passage of a tax package hinges on its ability to survive a complex set of legislative restrictions in the Senate. Republicans are attempting to cut business tax rates deeply, and also to cut individual tax rates, using a legislative route that allows them to bypass a Democratic filibuster and pass a bill with a simple Senate majority. To do that, they will need to make some tough political choices, eliminating some popular tax breaks, or employing some budgetary accounting tricks, in order to offset lost revenues from rate cuts.

Mr. Trump's tweet concerned one of those accounting maneuvers, which would have allowed Republicans to effectively borrow tax revenues from the future to offset some rate cuts today. Reducing 401(k) contribution limits would force retirement savers to pay more in taxes today, as they sock away money, but less in the future, when they began withdrawing retirement funds tax-free.

Republicans had not decided whether to include a reduced cap on contributions in their final version of the tax bill even before Mr. Trump's tweet.

Details of the Republicans' tax bill have been closely held, and they would not comment on Friday about possible changes to 401(k) policies. It was not clear from Mr. Trump's Twitter post on Monday whether he meant that he would not support a bill including alterations to 401(k) limits or that he knew the Republicans' draft bill did not include such changes. Several sources said last week that such changes were under consideration as House Republicans prepare to release a tax bill in the coming weeks.

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Trump Promises 'No Change to Your 401(k)' as Congress Considers a Contribution Cap

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WASHINGTON - President Trump said early on Monday that his proposed tax plan would not prompt any changes to Americans' tax-deferred retirement plans, pushing back against reports that the Republicans are weighing a proposal that would significantly reduce the income workers can save in these popular programs. Mr. Trump's shutdown of the proposal is the first of what many Republicans privately fear could be a presidential pattern that disrupts their efforts to pass a sweeping overhaul of the tax code.