Trump’s Tax Reform: On the Right Track

The tax reform proposal offered last week by President Trump and Republicans in Congress would be an improvement over the current system, but more so for corporate income taxes than for individual income taxes. It appears that the biggest advantage the proposal offers individual taxpayers is a simplified tax structure, whereas significant cuts are in the works for corporate taxes.
Individual Income Taxes The proposal reduces tax brackets from seven to three: 12%, 25%, and 35%. The degree to which this might represent a tax cut remains to be seen, because the proposal does not say at what income levels those

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