Making America Great Again?

Donald Trump's Tax Outlook

With President Trump releasing his tax plans there has been speculation on how this will affect the everyday people along with corporations. Trump said he would lower the corporate tax, increase the import tax, and try to decrease income tax on the upper class as a way to make americans happier. The general public is very divided about this issue and many people think Trump is doing this to take the taxation burden off himself. I believe Donald Trump will make the tax brackets easier, more efficient, and overall better for the general people.

In an article on bankrate.com the author says “as a result, taxpayers who are currently in the 10 percent bracket always will pay lower taxes than under current law." This means that the lowest ten percent of our nation (poverty or near poverty) will not have to play nearly as much taxes as they do right now. Another main idea is that there will be no tax for the head of household anymore. With this being said a head of household would usually have to pay 10% of their first $13,000 of income. Now, they eliminated this tax which will benefit head of households over singles. Finally, with corporate tax Trump plans to lower it from 35% to 15%, a 20% decrease. This would be a very drastic change in taxation and may be too much for the government to allocate. Also, with a sole proprietorship Trump plans to lower the maximum tax to 25%. This tax would greatly help small businesses to succeed in the future.

With all these tax decreases there has been speculation on how the government can reduce their deficit when they are going to be bringing in less money than before. In a news interview with Bloomberg News Trump stated “raising the federal gasoline tax to help pay for his infrastructure plan.” Infrastructure is a whole different subsect, but increasing the price of gas would help dispense that money that we are losing from taxes, into money we can use to make our roads and transportation better. Trump’s tax plan has flaws like every bill does, but it's a step in the right direction to improve the overall wellness of our nation.