One of the key campaign issues for Donald Trump was his plans for tax reform in the US. Pundits on the Left felt sure that it would “only benefit his rich friends”, whilst Conservatives thought it would “be an even spread”.
At last we have a sneak preview of the tax plan that will be fully released later today. This could be the defining moment of the Trump presidency, or it could be his downfall.
Whatever the final plan is, it’s sure to fill column inches.
A reported in the Daily Caller:
According to what two people briefed on the plan told the Washington Post, the president is expected to put forth a proposal on his 97th day in office that includes a deduction standard that is significantly higher than the $6,300 it is currently for individuals. During the campaign, Trump proposed raising it to $15,000 for single-filers.
The plan will also slash the corporate tax rate from 35 percent to 15 percent for both large and small companies, including those that pay through the personal income code.
Because the administration has repeatedly said that filing taxes has become too complicated and Treasury Secretary Steve Mnuchin has floated the idea of people filing their returns on a “large postcard,” the plan also reportedly calls for simplifying the tax filing process.