Yeah! Right!!! We’ll see
Just end the federal income tax and go back to tariffs.
And cut FedGov down to whatever size that implies.
It worked great from 1787 to 1913. No reason it won’t now.
Reports are that this will raise taxes on homeowners in the 50,000 to 120,000 dollar income range.
I break even on the personal deduction vs itemized deduction change but elimination of personal exemptions will raise my taxable income by $8,000.
Our kids (family of four) will lose about $16,000 overall depending on tax rate break points which have not yet been released.
Trumps plan hits hardest his own supporters.
With the middleclass tax payer being pushed into the Alternative Minimum Tax, which I believe is around $59K, the changes to the tax code will be nothing but window dressing for the politicians in their next re-election campaign. Unless they have the fortitude to address the AMT very little will change for the individual despite the hoopla around tax reform.
And just how many pages of the broken tax code will they eliminate?
Not enough to save a sapling.