Trump’s Massive Tax Plan Revealed, But 1 Stunning Detail Immediately Gets All Attention

It appears the next target in Trump’s sights is one of the most controversial and divisive issues in America: Taxes. There isn’t a single soul that’s happy with the amount of taxes they pay. Always onerous, taxes come in many forms, often appearing out of nowhere and costing far more than we expect.

The US is long overdue an overhaul of its tax system, as we still boast the highest corporate tax rate in the developed world, despite supposedly being a beacon for competition and business. But all that’s about to change if the president has his way, as he’s poised to address the various shortcomings of our current system.

As reported at the Daily Mail, the Trump administration is set to reveal its sweeping tax reform plans on Wednesday and the proposals are sure to rustle the feathers of leftists everywhere.

Working with the GOP, a jointly-agreed plan has taken shape, one that will slash taxes for the middle class, and has been dubbed the “largest tax cut” in history.

According to the outlined plan, the entire tax code is set for an overhaul. Right now, there are 4 tax brackets, but the streamlining of code will replace them with three rates set at 12, 25, and 35 percent. The corporate tax rate will be reduced to 20 percent, where it’ll finally be comparable to other first world nations.

“The vision is to make it simpler,” White House Counselor Kellyanne Conway said Wednesday morning on Fox and Friends. Americans are currently taxed at rates of 10, 15, 25, 28, 33, 35 and 39.6 percent, and have the choice of filing a standard or itemized tax form. It’s needlessly complicated and serves only to create an inordinate number of government jobs at the fallible IRS.

The code currently favors the wealthy and privileged and the connected who can hire attorneys and accountants that can help them navigate and take advantage of these deductions and credits, many of which go away in the Donald Trump legislative plan for tax overhaul,” Conway said Wednesday on Fox.

It’s still unknown what income brackets will be pegged to which rates, as Trump is leaving that decision to Congress. But one key element has been made clear, that the president wants to double the standard deduction on taxable income.

The first $12,000 of income will not be taxed when filers choose not to itemize, and the proposed standard deduction for joint filers is $24,000 annually. The tyrannical death tax will be repealed and deductions for state and local tax will also be abolished. The GOP is also pushing of for an increase to the child tax credit, which is currently $1,000.

There are a lot of interesting proposals tucked away in the president’s plan. He’s presented a bold vision for tax reform, one that will alleviate much of the tax burden felt by the lower classes and make our businesses more competitive. Now the ball is on Congress’s court. Let’s just hope that the GOP shows some backbone for once and supports the president with all they’ve got.

Source: Daily Mail