wealthy

TRUMP TAX PLAN CUTS TAXES FOR WEALTHY AND BIG BUSINESSES, DOUBLES STANDARD DEDUCTION FOR COUPLES AND INDIVIDUALS--BUT MAY RAISE NATIONAL DEBT TO OVER $2 TRILLION

 

By Miriam Raftery

October 9, 2017 (Washington D.C.) – President Donald Trump has rolled out a tax reform plan that would slash the corporate tax rate from 35% to 20% and cap at 25% the rate for “pass through” entities from small businesses to large pass-through entities such as hedge funds.  It eliminates inheritance taxes on large estates and changes tax brackets from seven to just three—12%, 25% and 35%.  So, the poorest taxpayers now paying 10% would pay more, while the wealthiest now paying 39.6% would pay less.