Trump Tax Plan Simple Populist Reform
Over the next couple of weeks I will be re-posting some of my columns written about Donald Trump in the 18 months leading up to his election as the 45th President of The United States. This is part of that series:
Under the new tax plan rolled out by GOP Presidential candidate Donald Trump today many of the complexities of the US tax code would be simplified or eliminated all together.
In putting a tax plan forward that was quickly endorsed by Grover Norquist and Americans for Tax Reform, Trump has found another election year issue that most will find works for them. In fact for more than 31 million households the Trump plan would eliminate federal income taxes completely.
The plan has some key features including reducing the number of tax brackets from seven to four. The new brackets would be very simple 0%, 10%, 20% and 25% for the nations highest earners- and would begin for example on married couples earning more than $300,000 a year. Currently the top tax bracket, which was increased dramatically by President Barack Obama is 39.6%.
Trumps plan would also reduce the tax on American business to a maximum rate of 15%, it would eliminate the inheritance tax- better known as the death tax and end numerous loopholes that the wealthiest among us have benefitted from for years.
One on-line poll showed that 69% of those responding found the new tax rates would benefit them. 69%!
I can tell you with complete certainty that if 69% of us benefit from Donald Trumps new tax plan then he will be the next President of The United States. Couple this populist message with his anti- illegal immigration efforts and the general theme of ‘Make America Great Again’ may be a reality.
Trump just made another step toward closing the biggest deal of his career.