Donald Trump unveiled his new tax plan… or at le
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Posted On: 05/03/2017 1:35:25 PM
Donald Trump unveiled his new tax plan… or at least an outline of it.
http://www.outsiderclub.com/donald-trumps-mag...arket/2303
That is, it’s just 100 words long.
Now, I know we’d all like to streamline the tax code and make legislation more readable. But a hundred-word list of bullet points and objectives is almost certainly inadequate when it comes to reforming the tax code.
Still, it provides a glimpse into what Donald Trump intends to offer the American public.
And I’m afraid it’s not very much.
For individuals the plan would:
Reduce the number of tax brackets from seven to three and cut the top marginal rate from 39.6% to 35%.
Double the standard deduction, while eliminating most tax breaks except for home ownership and charitable deductions.
Repeal several taxes like the Alternative Minimum Tax, the estate tax, and the Obamacare tax on investment income.
And for businesses, the plan would:
Cut the corporate tax rate from 35% to 15%.
Allow small-business owners to have their income taxed at 15%.
Eliminate taxes on overseas income.
Basically, this is a huge handout for corporations, business owners, and high-income earners. It does nothing for the poor or middle class. In fact, it actually raises taxes on the poorest Americans. Currently, the lowest U.S. tax bracket pays a 10% income tax. Trump’s plan would raise that to 12%.
http://www.outsiderclub.com/donald-trumps-mag...arket/2303
That is, it’s just 100 words long.
Now, I know we’d all like to streamline the tax code and make legislation more readable. But a hundred-word list of bullet points and objectives is almost certainly inadequate when it comes to reforming the tax code.
Still, it provides a glimpse into what Donald Trump intends to offer the American public.
And I’m afraid it’s not very much.
For individuals the plan would:
Reduce the number of tax brackets from seven to three and cut the top marginal rate from 39.6% to 35%.
Double the standard deduction, while eliminating most tax breaks except for home ownership and charitable deductions.
Repeal several taxes like the Alternative Minimum Tax, the estate tax, and the Obamacare tax on investment income.
And for businesses, the plan would:
Cut the corporate tax rate from 35% to 15%.
Allow small-business owners to have their income taxed at 15%.
Eliminate taxes on overseas income.
Basically, this is a huge handout for corporations, business owners, and high-income earners. It does nothing for the poor or middle class. In fact, it actually raises taxes on the poorest Americans. Currently, the lowest U.S. tax bracket pays a 10% income tax. Trump’s plan would raise that to 12%.
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