[HOME ] [ABOUT] [PHOTOS] [VIDEO] [BLOG] [HOUSTON] [TEXAS] [U.S. NEWS] [WORLD NEWS] [SPORTS] [POP CULTURE] [CONTACT]
Trump sells largest tax cut in the history of the United States
L-R: VP Mike Pence, President Donald J. Trump and Speaker Paul Ryan— Photo by Joseph Earnest.
by Joseph Earnest September 28, 2017
Newscast Media WASHINGTON—President Donald Trump has presented a once-in-a-generation opportunity to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans.
The Donald believes his comprehensive tax package is going to bring back the jobs and wealth that most people thought left the country for good.
"We want tax reform that is pro-growth, pro-jobs, pro-worker, pro-family, and, yes, tax reform that is pro-American, Trump said. "It's time to take care of our people, to rebuild our nation, and to fight for our great American workers, he added.
The dramatic tax cut, includes: A larger zero tax bracket; lower tax rates for individuals, providing relief to Middle Class American families; lower small business tax rates, giving a boost to millions of American businesses and farms; and lower corporate tax rates, making American business more competitive.
Trump's proposal doubles the standard deduction so that more income is taxed at zero percent. The first $12,000 of income for an individual and $24,000 for a married couple will be tax-free.
It also consolidates the seven existing tax brackets for taxable income to only three brackets: 12 percent, 25 percent, and 35 percent.
It increases and expands the Child Tax Credit to benefit more middle-income families and eliminates the marriage penalty. It creates a new $500 tax credit for those caring for an adult dependent or elderly loved one.
Trump's plan allows the vast majority of Americans to be able to file their taxes on a single sheet of paper.
Trump's proposal is yet to be turned into legislation, which won't happen perhaps till October when Congress convenes for the 2018 fiscal budget.
The entire Trump proposal can be viewed or downloaded here.. Add Comments>>
|
|
Join the Newscast Media social networks
for current events and multimedia content.
Copyright© Newscast Media. All Rights Reserved. Terms and Privacy Policy