RELEASED! How Much In Taxes You Will Pay When Trump Becomes President!

RELEASED! How Much In Taxes You Will Pay When Trump Becomes President!

President-elect Donald Trump’s tax proposal will bring much needed tax relief across America. Right now, my family is in the 25% bracket and under this, they will stay there. But those lower down and higher up will see breaks. This will have a ripple effect for everyone, I believe and will help boost the economy and jobs. Dropping the corporate tax rate from 35% to 15% will create jobs and cause business to boom.

I would have preferred to see a flat tax, but this is a start. I would have also preferred to see the IRS eliminated pretty much, but one thing at a time. The chart below is pretty self-explanatory and for many it will mean a significant reduction in taxes. Frankly, at this point, any drop in taxes will be a welcome thing for Americans.

taxes

From the Conservative Tribune:

Trending: The 15 Best Conservative News Sites On The Internet

According to the website, Trump’s vision for his tax plan promises to “reduce taxes across the board — especially for working and middle-income Americans.” The vision also stated that “[n]o one will pay so much that it destroys jobs or undermines our ability to compete.”

Contrary to what the Democrats would have us believe, Trump’s vision is that his plan will “eliminate special interest loopholes, make our business tax rate more competitive to keep jobs in America” and create “new opportunities and revitalize our economy.”

Individual: Trump’s plan will collapse the current seven tax brackets into three brackets.

Brackets & Rates for Married Joint Filers:
Less than $75,000: 12%
More than $75,000 but less than $225,000: 25%
More than $225,000: 33%
Brackets for single filers are one half of these amounts.

Compare Trump’s proposals with the current rates as reported by the Tax Foundation:

taxes1

Trump’s tax reduction is meant to help middle-class and working Americans. I believe it will do just that. It will certainly eliminate special interests and aim at bringing back and keeping jobs in America. With a third of America out of work, some for years, this will be a prayer answered for many.

Trump’s plan will also “reduce the cost of child care by allowing families to fully deduct the average cost of child care from their taxes … including stay-at-home parents.” The 3.8 percent Obamacare tax on investment income will also be repealed along with the alternative minimum tax. All of this will help working families have a little more money remain in their pockets.

Trump’s plan eliminates the head of household filing status and condenses the seven brackets into three, as well as promising a zero percent tax on low income families. I’m not sure how that will play out and we will see if Trump can get this through Congress. Regardless, it is a much needed beginning concerning the reduction of taxation in this country.

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Terresa Monroe-Hamilton

Terresa Monroe-Hamilton is an editor and writer for Right Wing News. She owns and blogs at NoisyRoom.net. She is a Constitutional Conservative and NoisyRoom focuses on political and national issues of interest to the American public. Terresa is the editor at Trevor Loudon's site, New Zeal - trevorloudon.com. She also does research at KeyWiki.org. You can email Terresa here. NoisyRoom can be found on Facebook and on Twitter.

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