New tax plans in the US expected to grow economy and assist middle-class
Published on : Saturday, October 28, 2017
No one in their right mind chooses complexity over simplicity. Taxpayers deserve a simple and hassle-free way to file taxes each year, instead of the complicated monstrosity of a tax code. The U.S. tax code hasn’t been meaningfully reformed in the last 30 years. It is cluttered with seemingly endless complications, regulations, rules and loopholes, and these are creating significant problems for small businesses, employees, and the economy at large. Hence, tax reform needs to be taken seriously so that the economy grows Taxes need to be fair and simplified for the American people.
Tax reform is ultimately about the people. It is about helping middle-class families and all American citizens who work hard, play by the rules, and pay their taxes. It’s about hardworking people who want something to pass on to their children and about local employers who are tired of red tape.
A fair and simple tax code is what business owners want. Local business leaders on the front lines bear the brunt of a burdensome tax structure and are desperate for relief.
Hence, the new plan makes taxes as simple as sending a postcard. The new plan would cut the tax rate for small and family operated employers by 25 percent – significantly lower than what businesses are paying now. It is also no secret that many businesses leave income overseas to protect it from excessive taxation. The new plan creates incentives to keep wealth in America instead of keeping it offshore.
The proposed plan would simplify the tax code by reducing the number of tax rates from seven to three. This would allow families to keep more of their hard-earned money for investment. The plan also doubles the standard deduction, allowing middle-class families to keep more of what they earn. The Child Tax Credit would also be increased, so that one isn’t burdened for raising a child. Although some deductions or credits will go away, but the overall lower tax rates would make up for that.
The new plan would ensure bigger paychecks, and hardworking Americans will get a return on their own time and money, and all taxpayers will benefit from a simple code that saves them money.
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