Trump administration announces ‘once-in-a-generation opportunity’ to overhaul tax code
The White House Wednesday unveiled long-anticipated plans for an overhaul of our tax system that would simplify the tax code and cuts rates for people and businesses.
“This is a once-in-a-generation opportunity to do something really big,” said Gary Cohn, director of the president’s National Economic Council, who presented the plan to reporters at the White House.
He said the president was ready to go to the mat to get tax reform enacted…The proposal he outlined would eliminate every tax deduction except those that are most popular among middle-class families — those for home mortgage interest, charitable giving and retirement savings.
It would reduce the number of tax brackets form the current seven to three, lowering the top tax rate from 39.6 percent to 35 percent. The other two new brackets would have a 25 percent and 10 percent rate.
President Trump knows how convoluted our tax code is and shared as much when he was running for president. He promised to simplify the system and he is doing just that. We applaud him. Click here to help Tea Party Patriots urge our lawmakers to adopt commonsense tax policies that will create a simpler, flatter, fairer system!