President Trump Would Cut Tax Rates Across The Board
Donald Trump’s tax plan cuts taxes for all Americans with an emphasis on the middle class, his economic policy adviser Wilbur Ross said Tuesday on TV.
A President Trump would slash rates across the board, Mr. Ross said
“He wants to cut taxes for everybody,” Mr. Ross said. “Mostly for people in the middle and lower brackets. Family of married couple, two children and a nanny, 35% tax reduction at $50,000. $75,000 same couple, 33% reduction. $5 million family, same thing, 1% reduction. So it is very heavily weighted for the middle, and that’s where it should be, because that’s where the people need the most help.”
Mr. Ross noted Democrat Hillary Clinton, Trump’s opponent in the Presidential race, wants to raise taxes and increase regulations.
“Donald Trump’s program is the exact reverse,” he said.
Ross added if Trump wins next week’s Presidential election and takes office in January, some of his changes will take effect almost immediately.
“As soon as the tax legislation goes through, you’ll see the beginning of change,” Mr. Ross said. “He will put a halt to any new regulations and start to roll back the ones that exist. That shouldn’t take too terribly long, because that’s a binary kind of a decision to make.”
A detailed analysis by the Tax Policy Center concluded Donald Trump’s plan would cut taxes in every bracket, at an average of roughly $5,100.
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