Politics

Trump Admin Unveils Plan for ‘Biggest Tax Cut in History’ — Here’s How It Affects You

on

President Trump’s “biggest tax cut in history” was finally unveiled on Wednesday, keep scrolling to see what it’s all about!

National Economic Director Gary Cohn made the huge announcement on Wednesday and outlined exactly how the Trump administration’s tax reform proposal will look. Throughout May the Trump administration will be holding sessions with stakeholders to receive their input. They are going to continue working hard with the Senate and the House to develop the details of the tax cut plan.

From IJR:

Here are some of the important highlights:

• Lower the corporate tax rate from the current 35 percent to 15 percent

• “Double” the standard tax deductions for Americans

• Replace the current seven tax brackets to three brackets of 35 percent, 25 percent, and 10 percent

• Give business owners a “pass-through rate” and allowing their personal income to be taxed at the 15 percent corporate tax rate

• Provide tax relief for families with child and dependent care expenses

• Eliminate targeted tax breaks that “mainly benefit the wealthiest taxpayers”

• Repeal the Alternative Minimum Tax

• Repeal the “death tax”

• Create “one-time” tax on trillions of dollars held overseas

Earlier on Wednesday, Treasury Secretary Steven Mnuchin claimed economic growth would cover the cost of the tax bill. He predicted an annual gross domestic product growth of 3 percent as a result of the tax reform.

Lower taxes for corporations, which means they can bring that money back from overseas. Lower taxes for small businesses, which means they can grow, expand, and hire more employees. Lower taxes for individuals, so we all take home more of what we make each week.

Double the standard deduction for everyone so that it discourages itemized deductions, which is where people have taken advantage of the IRS before. Of course, the liberals just wanna immediately scream “Ahhhh the rich! The rich!!!!” because they don’t know how to think for themselves. No sane person will actually look at this and think it’s a bad thing for Americans.

 



About The Contrarian

The Contrarian

Everything is not as it seems. Always be cautious and beware the wolf in sheep's clothing. The mainstream media has an agenda, and so do I. I am here to set the record straight.

Leave a Reply

Your email address will not be published. Required fields are marked *