The Tax Reform
“Our economy cannot take off like it should unless we transform our outdated, complex and burdensome tax code, and that is exactly what we are proposing to do. So there’s a great spirit for it, people want to see it, and I call it tax cuts. It is tax reform also, but I call it tax cuts. It’ll be the biggest cuts ever in the history of this country.”
Top personal rates were slashed, a tax credit for families with children was doubled and the standard deduction for individuals who do not itemise their tax returns was increased. The total cost over the next 10 years? Exactly $1.5tn.
As for individuals in high-tax, they weren’t exactly winners. Largely Democratic states will lose the ability to deduct state and local taxes over a $10,000 cap.
How do you think Trump changed America so far? Leave your comment below!