News

The President Makes Announcement That Floors The Nation, America Is Going To Make History By…

Not all of President Trump’s planned changes are as controversial as repealing Obamacare has been (according to the liberals and RINOs, of course), and he has some other new proposals that at least 80% of the GOP can actually get behind without there having to be a huge debate about it.

You wouldn’t think that with a Republican House, Senate, and presidency, we would have so many problems. Thankfully, in this particular category, it looks like we could see this plan passed and signed by August.

The new focus for President Trump, as Treasury Secretary Steve Mnuchin has confirmed, will be tax reform. “This is going to be the biggest tax cut and the largest tax reform in the history of our country…” Wow. This is big news! Under the new plan, small business owners would have their taxes lowered from 39.6% down to just 15% and the standard deduction for a family of four would be increased to $24,000 dollars.

Image result for trump tax reform

From Fox News:

Steve Mnuchin confirmed Wednesday that the Trump administration aims to lower the corporate tax rate to 15 percent, saying a forthcoming proposal will constitute the “biggest tax cut” for Americans in history.

“This is going to be the biggest tax cut and the largest tax reform in the history of our country,” Mnuchin said, as administration officials prepare to outline Wednesday afternoon what he described as “principles” of their tax plan.

Mnuchin, speaking at a Washington forum hosted by The Hill, would not reveal many specifics but confirmed that they want to lower the corporate rate to 15 percent, from 35 percent.

Image result for Steve Mnuchin

Mnuchin also said the administration wants to “do the whole thing,” and not pursue tax reform piece by piece. Amid concerns that such sweeping tax cuts would significantly reduce revenue for the government, he suggested economic growth will help pay for the plan.The administration reportedly also wants to cut the top rate for small business owners to 15 percent from 39.6 percent.  

The administration is also looking at a big increase in the standard deduction. Under the plan, Fox News is told, a family of four would have a standard deduction of $24,000. 

Image result for family tax deduction us

This is, indeed, good news for all taxpaying Americans, and especially for many struggling to provide the basic necessities for their families. Corporations that moved their factories to foreign countries will now have even greater incentive to return, providing jobs and putting more Americans back to work. And that, my friends, is the makings of an economic recovery!

Source: Allen B West

To Top

Send this to friend