Newly inaugurated President Donald Trump has released a “Contract with the American Voter,” outlining his 100-day plan to “make America Great Again,” including plans for a Middle Class Tax Relief and Simplification Act.
The details are sparse, but according to the description, the bill would entail “an economic plan designed to grow the economy 4% per year and create at least 25 million new jobs through massive tax reduction and simplification, in combination with trade reform, regulatory relief and lifting the restrictions on American energy. The largest tax reductions are for the middle class. A middle-class family with two children will get a 35% tax cut. The current number of brackets will be reduced from seven to three, and tax forms will likewise be greatly simplified. The business rate will be lowered from 35% to 15%, and the trillions of dollars of American corporate money overseas can now be brought back at a 10% rate.”
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