Hillary Clinton held the age-old party line on taxes. In the first debate, she predictably criticized Trump as a proponent of “trickle down economics.” She tried to be funny when she used the term “Trump-up trickle down economics.” Good one, Hillary.
We all know what her ideas and her corruption earned her. Donald Trump is the President-Elect, and here is what you can expect from his tax plan. Your paycheck will be happy.
Trump intends to reduce taxes across the board. He also says that his plan will unfold such that “(n)o one will pay so much that it destroys jobs or undermines our ability to compete.”
Trump’s vision is that his plan will “eliminate special interest loopholes, make our business tax rate more competitive to keep jobs in America” and create “new opportunities and revitalize our economy.”
Families will be able to deduct child care costs from their taxes, even if they are stay-at-home parents.
Additionally, Trump will reduce the seven tax brackets to three.
Brackets & Rates for Married Joint Filers:
Less than $75,000: 12 percent
More than $75,000 but less than $225,000: 25 percent
More than $225,000: 33 percent
Brackets for single filers are one-half of these amounts.
For comparison, here are the current rates:
Trump’s plan will retain the existing capital gains tax structure using the brackets above with the tax carried interest as ordinary income.
He will repeal the 3.8% Obamacare tax on investment income and also the alternative minimum tax. His plan will “lower the business tax rate from 35 percent to 15 percent and eliminate the corporate alternative minimum tax.”
The Stock Market is already doing well under Trump. Once this tax plan hits the economy, things should improve even more. Jobs will be created as companies grow.
Can you imagine the mess we would be in if Hillary had won?
~Like, Comment, Tag, Share, Subscribe, & Enjoy!~