All of the details aren’t out yet, but Democrats already hate it. We’ll take that as sign that it’s going to be outstanding.
Trump and the GOP’s long-awaited tax overhaul plan has finally been introduced. This was one of the signature tenets of Trump’s run for the White House, and it looks like he’ll be delivering on another promise.
AP reports about the historic tax code changes:
President Donald Trump and congressional Republicans are proposing a tax plan that they say will be simple and fair.
In a document obtained by The Associated Press on Wednesday, they outline a blueprint for almost doubling the standard deduction for married taxpayers filing jointly to $24,000, and $12,000 for individuals.
The plan calls for cutting the corporate tax rate from 35 percent to 20 percent. The GOP proposal also calls for reducing the number of tax brackets from seven to three with a surcharge on the wealthiest Americans.
The plan also leaves intact the deduction for mortgage interest and charitable deductions.
And my personal favorite? He has commissioned a simplification of the tax code so any American can do their taxes on a single sheet of paper.
We’re going to go out on a limb and assume that many of the details will be as enticing as the ones up above, mainly because Democrats already hate it.
The Senate’s top Democrat is blasting a new tax cut plan backed by President Donald Trump as a giveaway to the rich.
Sen. Chuck Schumer says Trump’s plan only gives “crumbs” to the middle class, while top-bracket earners making more than a half-million dollars a year would reap a windfall.
The New York Democrat also blasted the plan for actually increasing the bottom tax rate from 10 percent to 12 percent, calling it a “punch to the gut of working Americans.”
Schumer said the plan is little more than an “across-the-board tax cut for America’s millionaires and billionaires.”
Schumer has a tendency to see what he wants to see, so we’ll take his concerns with a grain of salt that’s the size of the state of Maine.
A simplification of the tax code is long overdue. When you have a system that’s so convoluted that even tax professionals have to stay on their toes to keep up with the changes, there’s a good chance it’s way too complicated.
Beyond the simplification, it’s pretty hard to spin putting more money back in the pockets of folks at all income levels as a bad thing.
There will be plenty of attempts to do just that, and we wish Democratic leaders and their cronies in the mainstream media the best of luck as they attempt to pull that one off.