Trump’s Tax Plan

Trump%27s+Tax+Plan

Gillian Holmgren, Online News Editor

Donald Trump, the republican presidential candidate, has spoken briefly about his new plan that will supposedly decrease how much the American people are taxed overall by taxing the population based on income and changing the current seven bracket system to a three bracket system.
Donald Trump’s goal with this tax plan is to overall reduce the amount of taxes being paid annually by Americans, especially for the middle and working class citizens. Every person in the United States will receive some type of tax reduction depending on the average income one makes. He also promises to close loopholes within the system and give more competitive rates for businesses to maintain jobs in the U.S.
“Although this may seem to lower taxes and help every U.S. citizen equally, it’s very obvious that the top 1% will benefit the most out of his tax plan. In my opinion, it seems he’s trying to help himself and his other 1% buddies rather than truly helping the entire U.S. population, even though it will slightly benefit the rest of us, trickle down systems only truly work for the richest of the rich,” said So. Logan Van Lindt.
Because of this pay based on income plan, everyone altogether pays a little bit less than they do in the current state of taxation. Although, as the income goes up, the amount less of taxation goes down. People who earn $38,000 would pay about $1,300 less in federal taxes, people who earn $105,000 would pay about $5,000 less in federal taxes, and people earning $18.4 million would pay about $2.3 million less in federal taxes which would, in turn, benefit the upper class Americans a lot more than business or working class citizens.
“Trump’s tax plan will do nothing but benefit those with high income levels, and will leave middle and lower classes at an unfair disadvantage. I think that his plan is unrewarding and ineffective and will leave various issues unsolved,” said So. Alpin Hansen-Holliday.
Although Trump said everyone will see some type of tax cut, it’s not necessarily true. While Trump is lowering taxes for the vast majority overall, he’s also increasing it in a few areas outside of income.
Trump is planning on moving the lowest bracket from 10% to 12% and eliminating the head of household status, along with many others, which benefits dependants and single parent households and other lower/middle class families. Because of this, a single parent with two children and an income of about $75,000 would see a tax increase of $2,440.
“We would need to hear what Paul Ryan and the other members of congress want because, really, the president is irrelevant when it comes to taxes. Congress is the institution that passes laws that create taxes so, whether they want to follow Trump or want to do their own plan will really determine what system is implemented rather than what the president wants,” said History teacher David Weisfeldt.