The Trump Tax Plan: A Simpler Tax Code For All Americans
The Trump Tax Plan: A Simpler Tax Code For All Americans
When the income tax was first introduced, just one percent of Americans had to pay it. It was never intended as a tax most Americans would pay. The Trump plan eliminates the income tax for over 73 million households. 42 million households that currently file complex forms to determine they don’t owe any income taxes will now file a one page form saving them time, stress, uncertainty and an average of $110 in preparation costs. Over 31 million households get the same simplification and keep on average nearly $1,000 of their hard-earned money.
For those Americans who will still pay the income tax, the tax rates will go from the current seven brackets to four simpler, fairer brackets that eliminate the marriage penalty and the AMT while providing the lowest tax rate since before World War II:
Income Tax Rate
Long Term Cap Gains/ Dividends Rate
Single Filers
Married Filers
Heads of Household
0%
0%
$0 to $25,000
$0 to $50,000
$0 to $37,500
10%
0%
$25,001 to $50,000
$50,001 to $100,000
$37,501 to $75,000
20%
15%
$50,001 to $150,000
$100,001 to $300,000
$75,001 to $225,000
25%
20%
$150,001 and up
$300,001 and up
$225,001 and up
With this huge reduction in rates, many of the current exemptions and deductions will become unnecessary or redundant. Those within the 10% bracket will keep all or most of their current deductions. Those within the 20% bracket will keep more than half of their current deductions. Those within the 25% bracket will keep fewer deductions. Charitable giving and mortgage interest deductions will remain unchanged for all taxpayers.
Simplifying the tax code and cutting every American’s taxes will boost consumer spending, encourage savings and investment, and maximize economic growth.
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The Trump Tax Plan: A Simpler Tax Code For All Americans
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