Today President Trump Revealed His Tax Reform Plan
Today President Donald J Trump delivered a speech in Indianapolis, Indiana that focused on tax reform. Trump says the tax code will be “simpler and more fair for everyday Americans” and that the tax reform will “bring back the jobs and wealth that have left our country, and most people thought left our country for good.” Trump says that the current tax code is too complex and is a barrier stopping America’s economic comeback. The new tax plan has 3 income tax brackets instead of seven, the current 7 brackets can be found on Bankrate.com and are:
President Trump did not give specific details about the newly proposed 3 bracket system but he said the 3 rates would be 12% 25% and 35%, and that no single payer will pay taxes on their first $12,000 earned and no married couple will pay taxes on their first $24,000 earned. Trump says “For several months my administration has been working closely with Congress to develop a framework for tax reform. Over the next few months the House and Senate will build on this framework and produce legislation that will deliver more jobs, higher pay, and lower taxes for middle class families, for the working man and woman, and for businesses of all sizes.” President Trump also says they will work to expand the child tax credit, so families with children will have more money to take care of their children.
A vast majority of Americans need assistance (which usually is not free) to complete their taxes and with this reform the administration hopes that people will be able to file their taxes on a single sheet of paper. He also plans to lower the corporate tax rate to no higher that 20% so that American businesses can better compete with other nations, and that small businesses will have a maximum tax rate of 25%. “These reforms will be a dramatic change from a failed system that encourages American businesses to ship their job to foreign countries that have much lower tax rates… we want our companies to hire and grow in America and raise wages for American workers, and to help rebuild American cities and towns.” President Trump also says that they will eliminate loop holes in the system to ensure the benefits of this tax reform primarily helps the middle class, and not the high income earners.
As I see it
This was a great speech from president Trump, and I hope this tax reform plan gets passed. It seems like this tax reform will help all Americans, but particularly the middle class. Some people are bashing Trump’s tax reform plan like Senator Chuck Shumer who says:
Although taxes will drop for high income earners, they will also drop for low income earners as well. It seems that Senator Shumer is only focusing on the tax reduction for the high income earners, and completely missed all the parts about how taxes will drop for the middle class and low income earners as well. The first $12,000 of income for single tax payers would be tax free, how does that negatively effect the little guy? Form your own opinions, share your thoughts, and get loud! Stand for what you believe in, we can make a difference together.