I agree that lower tax rate could be 5%.
However I heard Trump say he wants to get the economy fired up.
I feel that 5% tax on these people would be a hardship.
1. Since Obama became POTUS take home income shrunk $5,000
per household.
2. Cost of living is up. Taxes up.
3. Savings rate is very low, people don’t have a cash cushion
4. Consumers are carrying a lot of debt.
5. Homes are in many states still under water, and many lost their homes to foreclosures.
6. Medical insurance has skyrocked
7. Because of Obamacare, companies have cut working hours back to part time levels, to skirt the rules that the business pay for medical insurance for 30 hour or more employees.
Maybe once we get people working, in better financial shape we can Squeeze that 5% out of them, which I agree would be ideal.
For now I think Trump is right, closing loopholes, and cutting rates.