President Trump Announces New Tax Reform Bill

CHARLOTTE, NC– “We will ensure that the benefits are focused on the middle class, the working men, and women, not the highest income earners,” said President Trump.

President Trump joked his new tax plan isn’t good for him, a top earner, rather it’s for everyday working America. So what does his plan do?

First, it cuts the seven current individual tax brackets down to three, 12 %, 25 %, and 35 %.

The plan eliminates the Death Tax and the Marriage Penalty and it doubles the standard deduction for individuals and married couples, plus helping families with childcare.

“We’re also expanding the child tax credit because we believe the greatest investment our country can make is in our children,” said  President Trump.

For businesses, the biggest change comes in a cut to the corporate tax rate from the current 35 %, down to 20 %.

“This is a revolutionary change and the biggest winners will be the everyday American workers as jobs start pouring into our country,” said Trump.

But critics say eliminations like the Estate or Death Tax only help the extremely rich like the President himself and says the plan long term will only increase the country’s debt.