President-elect Donald Trump has released his tax plan on his website. You will be happy when you see how much you will pay under Trump's tax plan.
On his website, Trump promised to drop taxes across the board. Specifically he wants to drop them for working and middle-income Americans.
Strongly opposing what Democrats are expecting, Donald Trump is looking to “eliminate special interest loopholes, make our business tax rate more competitive to keep jobs in America” and create “new opportunities and revitalize our economy.”
Another surprise of the plan: The plan will “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.”
Individual: Trump's plan will convert the current seven brackets into three.
Brackets & Rates for Married Joint Filers:
Less than $75,000: 12 percent
More than $75,000 but less than $225,000: 25 percent
More than $225,000: 33 percent
Single filers will be taxes one half of these amounts.
For businesses, Trump looks to “lower the business tax rate from 35 percent to 15 percent and eliminate the corporate alternative minimum tax.” The website specifies that this will be for all businesses, no matter how large or small.
What do you think about Trump's tax plan? Let us know in the comments.