Trump releases his tax plan, which reduces rates for corporations and the middle class, while eliminating tax deductions for the country’s wealthiest earners. The tax code will be simplified into four levels – 25 percent, 20 percent, 10 percent and zero. Single individuals making $25,000 or less a year and couples filing jointly who have a combined annual income of $50,000 or less would pay no federal income taxes while those making more would graduate up the scale base on their earnings. People who fall under the no tax bracket will get to send a one-page letter to the IRS that says “I Win”. The plan eliminates many tax loopholes, with the notable exceptions of the mortgage interest and charitable deductions, and will end tax breaks on carried interest. No business would pay more than 15 percent of its business income in taxes under Trump’s proposed plan.
There will be a major tax reduction, it will simplify the tax code, it will grow the American economy in ways we have not seen for decades…No, I’m not a populist. I’d say I’m a man of great common sense.