A Common Man’s Guide To The Trump Tax Plan

USA

Let’s face it; taxes aren’t exactly a topic of conversation that gets the hair standing on the back of our collective necks. I know this, you know this.

But taxes are central to Donald Trump’s agenda as president, and the proposals which he has made and begun to enact are ones that are aimed at benefitting the American middle and working classes. Some policies constitute only minor changes to the current tax system, but Trump’s broader ambition is a complete overhaul of the American tax code, eliminating some of the most glaring inefficiencies and bureaucratic illogic that contribute to making tax season so miserable.

The proposals certainly lack detail and specificity on just how and when these broad changes will be enacted. However, credit must be given to the president for taking on a long-broken and overcomplicated tax code which he surely has intimate knowledge of due to his 48 years as a globally-operating businessman.

The Trump tax proposals, most importantly, are presented in language that the average individual can understand, which in and of itself is a step in the right direction toward a simplified code which works to eliminate the advantages one can gain from hiring a fleet of high-priced accountants. Using conservative economic principles as a guide, the Trump proposals take a wide-ranging approach to leveling the playing field that is the American tax code for individuals and businesses alike.

The Broad Goals of the Trump Tax Reforms

On Wednesday, May 26th, the Trump White House officially released a one-page plan stating the goals of tax reform as it pertains to both individuals and businesses. Listed as the primary goals of the reform in a broad sense are:

1) to grow the economy, resulting in the creation of millions of jobs.

2) to simplify the “burdensome”  federal tax code which currently spans 74,608 pages, 187 times longer than it was a century ago.

3) to provide tax relief for middle-class American families in particular.

4) to lower the corporate tax rate from its status as highest in the world, helping to incentivize business incorporation and operation inside America’s borders.

These are all admirable and worthwhile goals that are far overdue, but the devil is in the details. While all of these proposed changes are easy to identify, implementing them requires an intimate knowledge of the current code, specifically problem areas that must be amended or cut completely.

Around The Web