President Donald Trump’s tax plan income is being billed by the White House as an advantage for the middle class. Under the new plan or the “Tax Cuts and Jobs Act”, tax brackets would be reduced.
“My administration will work tirelessly to make good on our promise to the working people who built our nation and deliver historic tax cuts and reforms — the rocket fuel our economy needs to soar higher than ever before,” said US President Donald Trump, who has expressed a desire to sign a bill into law by Christmas.
The highest tax bracket would remain at 39.6% and would be applied to married couple making more than $1 million a year
NAR President William Brown said, “Eliminating or nullifying the tax incentives for homeownership puts home values and middle-class homeowners at risk, and from a cursory examination this legislation appears to do just that. We will have additional details upon a more thorough reading of the bill.”
It seems like the tax plan is friendly to the wealthy Americans including Trump, obviously. The administration’s goal is to make the tax code “simple, fair and easy to understand.” It may seem like they did the the bill simple and easy to understand but did they make it fair? Well, we’ll see what the future lies for American taxpayers.
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