Republican presidential candidate, Donald Trump, just released his new tax plan should he become President of the United States, and it’s sure to leave millions of Americans smiling.
The plan seeks to cut taxes for most citizens and businesses, while simultaneously closing up loopholes for the wealthy.
Trump’s plan, which can be read here, seeks to reform the tax system in America through four basic goals: Tax relief for middle class Americans, simplifying the tax code, growing the American economy, and eliminating any additional debt.
The Wall Street Journal explains why Trump’s plan is good news for millions of people:
Republican presidential candidate Donald Trump unveiled an ambitious tax plan Monday that he says would eliminate income taxes for millions of households, lower the tax rate on all businesses to 15% and change tax treatment of companies’ overseas earnings.
Under the Trump plan, no federal income tax would be levied against individuals earning less than $25,000 and married couples earning less than $50,000. The Trump campaign estimates that would reduce taxes to zero for 31 million households that currently pay at least some income tax. The highest individual income-tax rate would be 25%, compared with the current 39.6% rate.
Many middle-income households would have a lower tax rate under Mr. Trump’s proposal, but because high-income households generally pay income tax at much higher rates, his proposed across-the-board rate cut could have a positive impact on them, too.
Trump explained that his plan is good because the economy is “in my wheelhouse, that’s what I do well.”
Check out Trump’s statements below…
Comment: What is your take on Trump’s tax plan? Can he successfully cut taxes for millions by closing loopholes for the wealthy?
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