Page 10 - Best Chapter Spring 2017
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- 7
Understandlng Trump 3 Tax Reform
I resident Trump campaigned on substantial tax reform and his
proposal appears to offer significant changes. Whether you agree or
disagree with his policies, it’s important to understand what’s being proposed.
Here are the more important provisions of the Administration’s plan.
President Trump proposes four simple goals: (1) tax relief for the middle
class; (2) simplify the tax code; (3) grow the American economy; and (4) don’t
increase the debt and the deficit.
Here’s how he intends to achieve these objectives:
- If you are single and earn less than $25,000 or married and earn less than
$50,000 you will pay zero federal income tax. This removes 50% of the
American population from the tax rolls.
- There are currently seven income tax brackets. The tax brackets will be
reduced to three — 10%, 20% and 25%.
' Corporate income taxes will be substantially reduced to 15%.
- In addition, Trump proposes repealing the federal estate tax in
its entirety.





























































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