After years of rising tax rates and intensifying frustration among individuals and corporations, it appears the American tax system is finally getting the makeover it needs. President Trump unveiled a tax plan which, at its core, will grow America’s economy. By slashing corporate and individual tax rates, this plan will encourage more business be done in our great country and result in more money in all our pockets!
Under the current tax system, corporations are taxed at some of the highest rates in the world. This has discouraged them from reporting profits in America, and as a result, $2 trillion have been stashed abroad. In the new plan, both by decreasing the effective corporate tax rate and by applying a one-time amnesty tax rate for collecting offshore profits, corporations will begin doing business again in America. Incentives like this go beyond corporate taxes. Simplifying individual income taxes will result in millions of Americans being exempt from paying income taxes because they simply do not make enough money. This will help them and their families while also putting money back in the pockets of middle and upper-class Americans.
A tax plan like this is not foolproof, but it encourages growth and investment in the American economy, which will be used to pay off our major budget deficit. This is a better time than any to buy, fix, grow, and sell a business! Favorable business initiatives coming out of the Trump administration is good for all Americans!