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After talking about it for weeks, the Republicans have finally released their long-awaited tax plan. The plan aims to cut taxes for individuals and corporations, simplifies the overall tax system, and practically doubles the standard deduction that many Americans use. The plan, which has been obtained by Axios, is nine pages long — including title page — with some very generous spacing and formatting.
“Too many in our country are shut out of the dynamism of the U.S. economy, which has led to the justifiable feeling that the system is rigged against hardworking Americans,” reads the opening of the plan. “With significant and meaningful tax reform and relief, we will create a fairer system that levels the playing field and extends economic opportunities to American workers, small businesses, and middle-income families.”
The highlights of the plan include the following: Doubling the individual and family standard deduction so more income is in effect tax-free; decreasing tax brackets from seven to three, and setting the tax rates for those brackets at at 12, 25, and 35 percent. The plan recommends a “surcharge for the very wealthy,” but there is no information about what the income levels associated with each of the three brackets are.
A lot of common deductions remain in the plan, but several itemized deductions would be eliminated. Also eliminated? The estate tax. ABC News notes that this will be “a likely boon for wealthy individuals who inherit businesses, investments and real estate.”
Aside from the wealthy, corporations will also get a boost as their tax rate is slashed from 35 to 20 percent. Firms where the profit doubles as the owner’s personal income will also see a cut.
In the past, President Trump, who has still not released his tax records, has said that the rich would not benefit from the new tax plan but middle class families would. However, after six months of working on the plan, analysts say, “The outline still lacks vital details about how middle class families would fare.”
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