Almost one year into his first term as President Trump has taken the world by storm. From Travel Bans to Tax reform, from his tweets to the things that exit his mouth in public, it makes you really wonder what kind of man he is. Well if you look at the facts, it is clear, he is a legend. One of the greats to ever have the honor of being president. We should be lucky and honored he has even graced us with his presence and wisdom.
September is coming up and it is a very special time for tax payers. It is the expected month, the legendary Trump should be releasing his Tax Reform plans. If everything he said during his Presidential campaign is true, then I am ESTATIC to see his tax plans to finally come to light.
According to this CNBC, President Trump aims to do the following:
- Cut the number of income tax brackets from seven to three, with a top rate of 35 percent and lower rates of 25 percent and 10 percent.
- Drop the Corporate Tax Rate from 35% to 15%, thus giving business more profits on their balance sheets to expand their business and hire more.
- Sadly, a lot of tax deductions that are used today may be eliminated
- Because Corporations have Trillions of Dollars in total overseas, Trump wants to Tax all of that money one time, hoping this will entice the CEOs of large corporations to bring all of that cash overseas back home.
Taking all of that into consideration, you can say that Mr. Trump is planning Major Key moves for this country. Even though his tax plans would dramatically increase the US Debt, it would put more money back in the tax payers’ pockets. At this point the United States Debt and Deficit are irrelevant. It will continue to rise every day, every week, month, year and with every President. America needs to wake and smell the bacon, or in this particular case, they all need a taste of the sauce Mr. Trump is Saucin’ up.
We are living in an era of digital media, socioeconomic renaissance, and the complete rebirth of the United States of America. I for one will stand behind the president of the United States of America until he is no longer President.
Photo By: Phillip Taylor (PT Money)