President Trump Is About To Do Something That Hasn’t Been Done In Nearly Four Decades!
Anyone who has sat down to fill out those hateful forms to send to the IRS recently will probably agree that while we have no problem with paying our fair share, the word fair is the most important part of that equation….Once this plan goes through, I have no doubt that President Trump will go down as one of the, if not the, greatest president of all time.
President Trump appeared on Fox News to announce the details of his historic new tax plan. “Well I would like to see zero if you don’t make much. Like zero, and that’s what it’s going to be… It will be the biggest tax cut since Reagan and probably bigger than Reagan.” Trump told the reporter.
The president explained that the business tax rate will be cut in half. It is currently set around 38 percent, but it will be reduced to the new low rate of 15 percent to 20 percent.
Explaining the importance of the cuts, Trump said: “We are the highest taxed nation in the world. And we are going to bring taxes way down. And for middle income, we’re also getting rid of brackets. We are going from seven to four or three brackets. And that will be such a pleasure.”
As mentioned, we currently have seven income tax brackets. Citizens in the lowest brackets are forced to pay income tax, even though the majority of the tax paid is returned to them after filing their taxes. This is an unnecessary process that requires a thick barrier of red tape.
Instead of relying on a series of bureaucrats and government accountants, people who are in the lowest bracket will simply pay no taxes at all, eliminating potentially thousands of unnecessary jobs while also eliminating the stress of tax time for most Americans.
Those in the higher bracket will also see major income tax cuts. The current tax rate is high, but contains scores of loopholes that can be abused by skillful accountants. This has the result of only the wealthiest people being able to hire accounts to effectively reduce their tax rate.
Now, all members of the same tax bracket will pay the same rate. This is will make tax season a much easier, and much less expensive, process. This is great news for everyone, except for useless bureaucrats.