Trump Tax Plan: Reduces 7 Brackets To 3, Doubles Standard Deduction & Eliminates Death Tax
The plan would double the standard deduction, repeal alternative minimum tax and death taxes.
This is how you create growth, unlike the Democrat spending money we do not have; but by truly stimulating business. Every time there has been significant tax cuts, Coolidge, Kennedy, Reagan… revenue to the Treasury has increased.
Democrats will resist this as well.
Free Beacon: President Donald Trump’s tax reform proposal will simplify the tax code and encourage economic growth by reducing the number of tax brackets and eliminating certain taxes, according to White House chief economic adviser Gary Cohn.
Speaking to reporters at Wednesday’s White House press briefing, Cohn said Trump is promoting the most significant tax reform legislation since 1986. The tax reform bill focuses on job creation, economic growth, and helping low- and middle-income families who have been left behind by the economy, Cohn said.
“We’re going to cut taxes and simplify the tax code by taking the current seven tax brackets we have today and reducing them to only three brackets—a 10 percent bracket, a 25 percent bracket, and a 35 percent bracket,” Cohn said.
The plan proposes eliminating the alternative minimum tax and death taxes. More