It’s amazing to see how much President Trump has done in just a few short months.
Unlike most politicians, Trump has been tirelessly working to actually fulfill his campaign promises. Using executive orders and cooperation of Republican Congressmen, he has put forward plans to do everything he’s set out to do.
We’ve seen great progress on illegal immigration. Jobs are coming back to the country. The stock market and consumer confidence is soaring. And we are learning daily about efforts to destroy ISIS.
While there was a setback with repealing Obamacare, work is still underway to erase that toxic program from our country.
One of Trump’s bigger promises was to alleviate the tax burden on everyday Americans. Under Obama, working and middle class families were punished to support the bloated government programs that benefited only a small few.
With Trump, taxes will be cut so that working families can thrive and the poor can find real opportunity through jobs.
President Donald Trump’s plan for what the administration is calling one of the “biggest tax cuts” in American history was officially unveiled on Wednesday.
National Economic Director Gary Cohn made the official announcement during Wednesday’s press briefing, outlining some of the major components of the Trump administration’s tax reform proposal…
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
Much of these tax reforms would come in line with the tax programs of other countries, many of which have welcomed American corporations that fled Obama’s taxing. Major companies left the U.S., taking both blue and white collar jobs, just to avoid the staggering 35% corporate tax. Nations like Ireland have only a 12% corporate tax–much more attractive than the U.S.
Many of these reforms will put cash back into American pockets, make the tax system easier to understand, and help stimulate job creation and the economy. In aggregate, this is the largest tax cut in American history.
But it’s not a done deal. This plan has to be approved by lawmakers in Congress. And even with GOP majority, it will be a fight.
The president needs support from Congress’s strongest leaders to get republicans on board. With their united support, anything the democrats try to do will fail.
And that means more winning for the rest of us.