Trump’s tax proposal will help middle class
President Trump is pushing for tax cuts that will give us more take-home pay and thus help to make America great again. His plan would slash business tax rates, double the standard deduction for middle-class taxpayers and make the tax code simpler by eliminating unnecessary deductions.
All through President Barack Obama’s years, we had no more than 2 percent growth, which produced stagnation of the economy. Trump’s plan, rather than punish investment, will spur growth, enabling everyone to benefit. His plan is laced with incentives, including a 100 percent write-off for new investment, and the repatriation of millions of U.S. company dollars lodged overseas to avoid taxes.
For the individual middle-income taxpayer, the doubling of the standard deduction is a huge positive for young millennials who don’t have mortgages. It is estimated that this change would mean that 80 percent of taxpayers won’t need to bother with itemized deductions because the standard deduction would be beneficial to them.
Cutting the tax rates and number of brackets is also positive. A standard deduction of $24,000 for a married couple is very positive. We need to do something for our middle class, and this tax plan is a good start.