From Donald Trump’s Website:
- If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax. That removes nearly 75 million households – over 50% – from the income tax rolls. They get a new one page form to send the IRS saying, “I win,” those who would otherwise owe income taxes will save an average of nearly $1,000 each.
That’s actually pretty good. I wonder what his plan is for elements of the tax code such as the Child Tax Credit.
Here’s the next part:
2. All other Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25% – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World War II.
This is also fairly good. Much of the tax burden, as I understand it, is the cost of compliance.
He also wants to reduce the corporate tax rate to 15%, and eliminate the death tax.
I disagree with Trump about trade, but his tax plan looks appealing. I guess I’m going to have to look at other candidates’ websites, now.