Potential revolutionary change coming to income tax
By Marvin Schrebe
Republicans on Wednesday revealed a new tax plan that would likely leave many Americans owing no income tax at all according to the Washington Times. President Trump who traveled to Indiana to reveal the new tax plan called the plan “a revolutionary change.”
He told the Times that all sides can emerge the victors in the long-overdue tax plan. “We will dramatically cut the business tax rate so that American companies and American workers can beat our foreign competitors and start winning again,” Mr. Trump told the Washington Times. “The biggest winners will be middle-class workers as jobs start pouring into our country, as companies start competing for American labor and as wages continue to grow.”
President Trump told the Times that tax reform has not been a partisan issue in Washington and he does not anticipate it becoming one this time either. He also told the Times that the tax plan being proposed would help the middle class, not the wealthy. ““They can call me all they want, and it’s not going to help,” he said. “And it’s not good for me, believe me.”
Under the plan corporate taxes would be cut from thirty-five percent (35%) to twenty percent (20%) and small businesses that file as corporations could see tax cuts from forty-three percent to twenty percent. Kevin Brady House Ways and Means Committee Chairman (R-Texas) said “The tax elevator goes down at every level, and that’s why at the end of the day — especially the poor and especially the middle class — will be better off.”
The biggest change for poor Americans is that the standard deduction will be increased from $12,000.00 for an individual to $24,000.00 for a couple filing jointly. Charles Dent (R-Pennsylvania) told the Washington Times, “This is just a start. We all agree that we’d like to see rates come down. It’s a matter of how we do it. This is the start. I’m not hyperventilating at this point.”
The Washington Times reports that the plan still has a lot of details that need to be worked out.