GOP presidential nominee Donald Trump announced some slight alterations to the tax plan he initially laid out during a Monday event at the Detroit Economic Club.
While his first blueprint called for four brackets, income brackets, 0 percent, 10 percent, 20 percent and 25 percent, with individuals making under $25,000 and families making under $50,000 paying no income tax, he opted to raise them to 0, 12, 25 and 33 percent. The number is still lower than the current top federal income tax rate of 39.6 percent.
The numbers align with the House GOP’s “A Better Way” tax proposal, which is projected to substantially increase job growth and stimulate the economy according to an analysis conducted by The Tax Foundation.
In terms of the business taxes, like the Republican task forces’ plan, businesses would be able to fully and immediately write-off investments in tangible and intangible assets.
Top GOP lawmakers applauded Trump for adapting parts of their plan.
“We share the same goal for tax reform: a tax code built for America’s economic growth and built on simplicity and fairness,” House Ways and Means Committee Chairman Kevin Brady said in a statement. “Mr. Trump’s support for key features of the House Republican tax blueprint plan makes me optimistic that we can work together to move our economy into the lead and improve the lives of Americans for the long-term.”
Trump assured he would continue to work to lower the corporate tax rate from a top federal rate of 35 percent down to 15 percent in addition to eliminating the estate tax and closing a number of loopholes.
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