Trump's plan for an overhaul of the U.S. tax code would eliminate federal income taxes on individuals earning less than $25,000 and married couples earning less than $50,000. He said those individuals would receive "a new one page form to send the IRS saying, 'I win.'"
Trump's plan would also disproportionally benefit wealthy earners by lowering the highest income tax rate from 39.6 percent to 25 percent, and businesses by cutting their tax rate — from major corporations to mom-and-pop shops — to no more than 15 percent.
That eliminating taxes on people making $25k or less will be like a raise for every low income American. That amounts to thousands of dollars a year going back into the economy because most low income people spend nearly all of their paychecks. In fact they might be able to put a down payment on a car or something of that sort or even crate a cushion for themselves.
Also that 15% corporate tax on every business with no deductions possible should eliminate some of the shenanigans that GE pulled to get to pay $0 in taxes. A lot of tax lawyers will be out of a job if its 15% no matter what and there is no way to reduce that amount.
Actually, simplifying the tax code will go a long way to creating more growth in the economy going forward. I know how to spend my money much better than any federal beancounter will ever be able to. If Trump can put more of that money under my control then I would be fine with that.
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