Major news breaking folks!
Donald Trump is keeping another one of his core campaign promises by releasing what is being called the Biggest Tax Cut and Largest Tax Reform in the history of our Country! Can you say “Economic Boom“?
Here’s the breaking news story, from Fox News:
Top Trump administration officials outlined a sweeping tax cut plan Wednesday afternoon that calls for “massive” cuts for businesses and other changes that could yield significant savings for American families.
“Tax reform is long overdue,” top White House economic adviser Gary Cohn said.
As the administration nears the end of its first 100 days, Cohn and Treasury Secretary Steve Mnuchin provided the contours of the administration’s long-awaited tax plan in a White House briefing with reporters.
The plan would, perhaps most significantly, slash the corporate tax rate from 35 percent to 15 percent.
“The president is determined to unleash economic growth for businesses,” Mnuchin said.
The plan also would collapse the income tax system into three brackets: 10 percent, 25 percent and 35 percent. The current top rate is 39.6 percent.
The administration also is looking to double the standard deduction, or the amount of income individuals and families can report to the IRS tax-free.
The current standard deduction would rise from $6,300 to $12,600 for individuals under the proposal. For married couples filing jointly, it would rise from $12,600 to roughly $24,000.
Earlier in the day, Mnuchin called it the “biggest tax cut and the largest tax reform in the history of our country.”
Read the full article and see video here: http://www.foxnews.com/politics/2017/04/26/trump-administration-outlines-sweeping-tax-cut-plan.html