President Donald Trump (left), an overview of the tax plan the White House distributed to reporters on Wednesday (right)
On Wednesday, the Trump administration proposed the “biggest tax cut in history,” which would allow most Americans to file their taxes on a single piece of paper. Now, liberals are livid, as the president has just done what no one thought he could.
“In 1935, we had a one-page tax form consisting of 34 lines with two pages of instructions,” said National Council of Economic Advisers Chairman Gary Cohn. “Today the basic 1040 form has 79 lines and 211 pages of instructions.” President Donald Trump’s proposal would scale that back dramatically, allowing most Americans to file their own taxes once again. According to Cohn, 9 out of 10 Americans need help to do so now, thanks to our current tax code.
Trump’s tax proposal also cuts taxes drastically, eliminating them entirely on the first $24,000 of income earned by a married couple. “We don’t want to penalize people. We want to make the system very fair,” said Cohn. “This isn’t going to be easy. Doing big things never is. We will be attacked from the left and we’ll be attacked from the right, but one thing is certain: I would never, ever bet against this president. He will get this done for the American people.”
Additionally, Trump wants to cut the corporate tax rate from 35 to 15 percent, which would greatly help small businesses. The proposal seeks to eliminate the 3.8 percent Obamacare tax, as well.
Overall, the Trump plan seeks a reduction in the number of income brackets, eliminates the death tax and slashes the corporate tax rate.
A childcare tax credit the president’s daughter Ivanka has been pushing is also on Trump’s list of priorities.
A document distributed by the White House on Wednesday calls for three tax brackets of 10, 25 and 35 percent. Trump reduces the corporate tax rate to 15 per cent from 35 percent. [Source: Daily Mail]
“This is going to be the biggest tax cut and the largest tax reform in the history of our country, and we are committed to seeing this through,” commented Treasury Secretary Steven Mnuchin.
President Donald Trump clearly understands what most Democrats do not about taxes and the economy; namely, that taking less money out of the pockets of hard-working Americans is perhaps the single best way to stimulate the economy because they then have more cash to spend. It isn’t a difficult concept, but still, the left notoriously has a hard time grasping it. Thankfully, President Trump is smarter than your average liberal.