Winning! Let’s see how the Democrats and Rinos in Congress get this screwed up.
The Trump administration unveiled a sweeping tax reform package Wednesday that simplifies the tax code, slashes rates across the board for individuals and dramatically lowers the corporate rate, reports The Washington Times.
“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.
“We will be attacked from the left and we will be attacked from the right, but one thing is certain, I would never ever bet against this president. He will get this done for the American people,” Mr. Cohn said.
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.
The standard deduction would more than double to $24,000 for a married couple, essentially creating a 0 percent rate for low-income families.
On the business side, the plan calls for reducing the corporate tax rate form the current 35 percent to 15 percent. It would go from the highest in the developed world to the lowest.
“Our objective is to make U.S. businesses the most competitive in the world,” Treasury Secretary Steven Mnuchin said at the briefing.
Mr. Mnuchin discounted criticism that slashing taxes would send deficits and debt soaring.
“Will grow the economy and create massive amounts — trillions of dollars — in revenues,” he said.