Washington, DC- US Secretary of the Treasury, Steve Mnuchin detailed President Trump’s tax reform plans this morning in a briefing from the White House.
“President Trump is proposing dramatic reductions in taxes by overhauling the behemoth tax system in America,” Mnuchin said. “We will be cutting taxes for every American taxpayer and every American business. While the cuts will initially cost the government about $500 billion, or 4% of the total US economy, the projected economic growth of between 3-4% will be worth trillions of dollars to the government.”
One of the main topics that was presented by Gary Cohn, Trump’s senior economic adviser, was the changes for the Joe Q. Public taxes. “The tax changes will simplify tax preparation for the average American,” stated Cohn. “Most Americans will take a standard deduction plus allowances for mortgage interest. It will be very easy for the average American to do their taxes from now on. Plus, they will have a tax cut that leaves more money in their pockets.”
Mnuchin added, “Since the Democrats in Congress have no intention of getting on board with healing the US financial hemorrhage caused by the Obama administration, since the Democrats have no desire to actually help America and Americans grow and prosper, President Trump has warned that all registered Democrats will be taxed at a minimum 40% rate to a maximum 70% rate. If Democrats in Congress don’t want tax cuts, they won’t get tax cuts.”
The new tax plan does away with the “Death” or Estate tax, many tax loopholes used by the wealthiest taxpayers and raises the standard deduction for a married couple to $24,000.
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