The U.S. Tax system is a tangled web of laws and regulations. Some serve US citizens, while others increasingly serve the selfish interests of powerful groups and government officials at the expense of a growing economy and thriving Middle Class. In January 2016, when numerous candidates were running for the presidency, I published a list of the best policies of some of the major candidates. For Donald Trump, I said that his best point was middle class tax reform, specifically reducing the income tax on corporations that was causing corporations to flee, outsource jobs, and keep money overseas. Now that he has been elected president, and has a Republican Congress, it is time to look at the possibilities for shaping a new tax policy that stimulates jobs and the economy, without harming the middle class, as U.S. tax policies often do.
Core Trump Tax Proposals in January 2016
When Trump was campaigning his website included the following tax proposals that would help the middle class: reduce corporation taxes to 15%, eliminate the need to file income taxes if you earn less than $50,000, a graduated tax that is moderately progressive based on four or five tax brackets. These proposals would help the Middle Classes and society as a whole: Continue reading →