Wednesday, April 26, 2017

Team Trump unveils sweeping tax reform plan, look for GOPers to run from like scared rabbits

This tax plan is exactly what the country needs, it's what President Trump promised to do. 
However, I have no confidence in the Republican Party who are a pathetic bunch of cowards afraid to fight for what's right.  Bunch of chumps!     

NY Post reports the Trump administration on Wednesday released the outlines of what it called “the biggest tax cut” in US history — a plan that included huge cuts for businesses and the elimination of deductions for state and local income taxes for individuals.
In a White House briefing, Treasury Secretary Steven Mnuchin and national economic director Gary Cohn offered some details of the sweeping reform plan.

“We are going to cut taxes and simplify the tax code by taking the current seven tax brackets we have today and reducing them to only three brackets: a 10 percent bracket, a 25 percent bracket and a 35 percent bracket. We’re going to double the standard deduction. So that a married couple won’t pay any taxes on the first $24,000 of income they earn. So in essence, we are creating a zero tax rate, yes, a zero tax rate for the first $24,000 that a couple earns,” Cohn said.

The plan would also eliminate the federal income-tax deduction allowed for state and local taxes — a provision that would hit high earners in high-tax states, including New York, New Jersey and Connecticut.

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