Donald Trump is good at numbers.
He has made lots of money.
He dissects each and every political poll.
So crunching numbers like an accountant is right in his wheelhouse.
He said as much on Monday when he unveiled the tax plan he wants to enact if he becomes President in 2016.
“It will provide major tax relief for middle income and for most other Americans. There will be a major tax reduction.”
There is one part of the plan that is very Trump-esque.
People making less than $25,000 would pay nothing.
All they’d have to do is send a one-page document into the IRS which reads, (quote) “I Win.”
But who actually wins under this proposed tax plan?
America is made up mostly of the low income and the middle class.
People of color –black and brown people- historically have had less wealth than whites and therefore could benefit from a Trump plan if it works the way he says it will.
Here’s the proposal:
– No federal income taxes for some workers:
As I said, if you earn less than $25,000 per year you will not have to pay any taxes.
If you’re a married couple who earns less than $50,000 per year, zero taxes for you too.
All you have to do is sign a form to the IRS with the words “I win” on it.
According to the Washington Post, about 75 million households would be affected by this part of the code.
– $1,000 savings for other low to middle income earners:
If you make more than $25,000 per year as a single person or $50,000 jointly, under the plan you will receive nearly $1,000 per year in tax savings.
This will affect more than 31 million tax payers or households.
– There will be four tax brackets instead of seven:
The zero-percent rate for those making less than $25,000.
The 10-percent rate for those making $25,001 to $50,000 or couples making $50,001 to $100,000.
The 20-percent rate for those making 50,001 to $150,000 or couples making $100,001 to $300,000.
And another bracket for those above the previous bracket.
– Eliminate some penalties and deductions:
No more marriage penalty, death tax or minimum tax.
A reduction or elimination of most deductions and loopholes for the very rich or special interests.
Mortgage interest and charitable giving deductions would remain.
It’s actually sounds less complicated than the current tax code.
The problem is some economist say the plan won’t work because it doesn’t raise enough revenue to pay for itself.
But the upside is very appealing.
Who wouldn’t want to pay “no” or “less” taxes; especially people of color whose incomes tend to be lower and unemployment levels, higher?
*Proposal breakdown courtesy The Washington Post.
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