In his first 100 days as president, Donald Trump has vowed to significantly revamp the U. S.’ tax code.
Among its many changes, the Donald Trump tax plan will provide large tax cuts for the middle class, simplify the tax code, and reduce the corporate tax rate.
Here’s a closer look at the key elements of the Donald Trump tax plan…
How the Donald Trump Tax Plan Will Affect Personal Tax Rates
Under Trump’s tax plan, low-income Americans will have an effective income tax rate of 0%. Although, Trump’s tax plan hasn’t yet defined the requirement for being a part of the ‘low-income’ bracket.
The rates for married-joint filers will be cut down into three brackets from seven. Here are their rates:
This post was published at Wall Street Examiner by Cameron Saucier ‘ November 11, 2016.