Trump’s Plan to Overthrow the Tax System: What You Need to Know

Trump’s Plan to Overthrow the Tax System: What You Need to Know

The incoming Trump Administration plans to change many aspects of the federal government and the Washington status quo. One of the proposed changes is an overhaul of the corporate and individual tax code. On the corporate side, President-Elect Trump wants to reduce this tax from 35% to 15%, allowing for the type of economic growth America needs in the private sector. On the issue of individual taxation, alterations would be made to the current seven-tier tax system, transforming it into a three-tier system that would include a tax benefit for all three groups of individuals. Experts believe there will be compromises made on the exact tax rates and their changes, but it is clear that the private sector and individual Americans will be better off financially because of these proposed tax changes.

 

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