President Donald Trump proposed a tax reform plan to improve the current situation and encourage economic growth. The plan lays out some clear benefits for every tax payer, but has also garnered fierce some criticism from the Democratic Party due to the reforms for corporations and companies.
Trump’s Tax Reform Plan
President Trump’s tax reform plan sets out clear guidelines for the upcoming years. The tax code will cut back on the number of brackets for a simple and streamlined process.
The proposed plan also doubles the child tax credit and helps cut the cost of taxes on lower income families by increasing the standard deduction. As a result, fewer low-income families face challenges with federal taxes. It also helps middle-class families with children by doubling the tax credit for each child, and reducing the amount the families will pay to the Federal government.
The simple plan for corporations also helps bring United States companies onto an even playing field with other nations. By reducing the corporate tax rate, companies will have more funds for job creation and new innovations.
Challenges with the Senate
Although President Trump’s plan was approved by the House of Representatives, it differs from the proposed plan set forth by the Senate. A key challenge the plan faces is the corporate tax reductions. It also faces challenges in relation to deductions on state taxes. The plan recommends an end to state and local deductions, which may result in slightly higher state taxes in some areas of the country.
Tax reform is a complicated part of President Trump’s plan for his term, but it is gaining positive support. The key challenge is convincing the Senate that the plan will benefit the American people by encouraging job creation, reducing the taxes on lower and middle-income families and addressing current problems within the tax code.
Ivanka Trump broke the plan down further during an interview on Fox News. Watch below:
~ Liberty Video News
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