Well yesterday Trump announced the new GOP tax plan, which he stated was a big tax cut for the middle class. Yes, it is definitely a tax cut, but for the wealthy! Sure the personal deductions may be double and the child care credit will double, but most of the individual deductions will be eliminated! These include deductions for state and local taxes. The truth is that the tax rate for middle class earners will actually go up. Business taxes will go down from 34% to 20%! And the estate tax, which applies to those who would inherit more than $5.3 million, will be completely eliminated!
The deficit would increase by about $5 trillion!
Trump also said that this plan will being back jobs to the US. Does this mean that his and Ivanka’s businesses will now produce their products in the US instead of China? More on this as the plan develops.