President Donald Trump is making vaunted promises about creating 25 million new American jobs in the next decade and returning to 4 percent annual economic growth, according to statement released Friday on the official White House website.
His plan “calls for a standard deduction of $30,000 for married households and three brackets of 12%, 25%, and 33%,” Scott Greenberg, analyst with the Center for Federal Tax Policy at the Tax Foundation, told The Daily Caller News Foundation. As a result of the changes to income-tax rates, “households at all income levels are likely to see lower taxes, with high-income households receiving the largest tax cut from the plan,” Greenberg explained to TheDCNF.
The president also promises to cut the U.S. corporate tax rate from 35 percent to 15 percent. America has the third highest corporate income tax rate among the top 35 industrialized nations, which chases businesses, jobs, and tax revenue out of the U.S. The U.S. corporate tax rate is “16.4 percentage points higher than the worldwide average of 22.5 percent and a little more than 9 percentage points higher than the worldwide GDP-weighted average of 29.5 percent,” according to the Tax Foundation.
Reforming the current tax code that is too “onerous will unleash America’s economy, creating millions of new jobs and boosting economic growth,” the statement reads.
Trump pledges to end “all unnecessary regulations” imposed on the energy industry, to “dismantle” the 2,300-page Dodd-Frank Wall Street Reform And Consumer Protection Act, and to put a moratorium on any new regulations when he takes office. The president also pledges to order federal agencies to “identify job-killing regulations that should be repealed.”
It is through renegotiation and promoting an “America First,” agenda, that the president thinks the nation will “ensure that trade agreements bring good-paying jobs to our shores and support American manufacturing, the backbone of our economy.”
President Donald Trump swore the oath of office at 12 p.m. EST Friday.
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