From the start, President Donald Trump has talked about reducing the immense tax strain on the American people.
As a businessman, he is all about cutting costs; in his first few weeks, he slashed our bloated government and saved us a whopping $10 BILLION.
Now he’s going to save us even more.
America has been suffering under the yoke of needless taxes (much of which has gone toward the failed healthcare system known as Obamacare), and it’s long past time for relief.
Well, we just got it.
Today, President Trump’s team rolled out a massive tax reform plan that is absolutely historic. It calls for big corporate cuts, a far simpler tax code, and big increases in standard deductions.
Translation: U.S. businesses and the average American will benefit. And as National Economic Council director Gary Cohn said, “Tax reform is long overdue.”
“Treasury Secretary Steve Munchin said the goal is to ‘make U.S. businesses the most competitive in the world,’ and he described the plan as the biggest tax cut and reform in U.S. history.
Republicans greeted news of the tax cut plan enthusiastically, though some GOP members and Democrats worried that the plan would further increase federal debt, cutting taxes without increasing income or cutting other parts of government.”
The Trump plan sees the obscene 35 percent tax rate fall to a far more sensible 15 percent, and tax rates for individuals would also be lowered, with brackets of 10, 25 and 35 percent.
Furthermore, the plan calls for the repeal of the Alternative Minimum Tax, which has always forced those with more money to pay higher bills. Currently, the bill does not include other elements, like infrastructure programs and child care tax credits.
For now, there is no cost estimate but for the time being, we’re focusing on the immense positive of LOWER taxes.
Munchin added that “we’re working hard to get it done quickly,” too, so perhaps all this will come to fruition sooner than anticipated.
We’re all for that; Americans deserve a break after the outrageous taxation under Barack Obama. He almost drained us dry but Trump is FIXING it!
Source: USA Today