Trump’s proposed tax reform
The Courier Special Edition
THE GOAL With his new tax plan, President Trump has four main goals:
1: TAX RELIEF for middle class Americans 2: SIMPLIFY the tax code 3: GROW America’s economy 4: DO NOT ADD to our debt
HOW THESE GOALS WILL BE ACHIEVED: 1: IF YOU EARN LESS THAN $25,000 ANNUALLY
and you are single, you will not owe any income tax. This applies to most high-school aged students who have jobs.
2:
All other Americans will get a SIMPLER TAX CODE with four brackets- 0%, 10%, 20%, and 25%- based on their annual income.
3: BUSINESSES,
regardless of size, will pay no more than 15% of their income in taxes.
4: THE DEATH TAX
will be eliminated. This means that families will no longer have to pay taxes for their inheritance when a loved one passes away.
WHAT COULD GO WRONG: Since tax money is used to fund public works projects (i.e. roads), public education, health programs, and social security, Trump’s proposed tax plan can certainly raise some eyebrows. While a major tax cut can look good to our wallets, there is a possibility that it could damage our communities as well. Trump claims that his tax plan will balane out and eleiminate these possibilities. Information was taken directly from Donald Trump’s speech.
905 8th Ave. NW, Mandan, ND - Volume 26, Special Edition - September 2017