Republicans unveiled their tax-cut plan today, and it appears to have President Trump’s fingerprints all over it.
First and foremost, the plan abolishes income tax for Americans making $24,000 or less.
That is a masterstroke that is undoubtedly influenced by Trump. Populists on both sides of the aisle have been trying to abolish taxes on the poorest Americans for decades.
The tax bill will also cut taxes and expand child-credits for middle class families, and slash the corporate tax rate in the attempt to get American businesses to come home from overseas.
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More details from The Hill:
Individual tax brackets are consolidated from seven to four brackets, with rates of 12, 25, 35 and 39.6 percent.
The new top rate applies to income above $500,000 for individuals and $1 million for couples. Currently, the top rates are in the range of $450,000.
The state and local tax income and sales deduction is eliminated.
The ceiling to deduct mortgage interest is lowered to $500,000, down from the current $1 million threshold.
The estate tax is repealed over six years.
The standard deduction will roughly double from $6,350 to $12,000 for individuals and $12,700 to $24,000 for couples.
The current child tax credit is expanded from $1,000 per child to $1,600 per child.
A new family credit of $300 is added for each parent and nonchild dependent, though it sunsets after five years.
The property tax deduction is kept, but capped at $10,000.
The corporate tax rate is slashed from 35 percent to 20 percent.
Across the board, less money in the hands of Washington D.C. and more in the pockets of Americans.
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