The Congressional Democrats will not be happy about this Republican tax reform plan that has been announced but everyone else will definitely be happy.
Tax cuts for the middle class and corporations were included in the plan.
It will be free to invest a lot more heavily in the American economy and Business in a competitive tax marked will finally be able for companies if passed. To be more clear it’s a win-win.
Of Course, the middle class who work for such companies will benefit in addition to the tax cut’s they’ll see on their paychecks.
Married couples who are making less than $90.000 would be in a 12% bracket, those who are making less than $24.000 annually would pay no income tax and the people who are making up to $260.000 would pay 25% according to the legislation.
The people who are making more than million dollars these changes will be very minimal. Those who are making over seven figures would pay; a rate of 39.6% and those under will be taxed at 36%.
The alternative minimum tax will be eliminated by the bill.
To be clear, those who need it the most will be saved by the GOP plan. Our corporations will finally pay a fair rate that will not make then fleeing to other countries; and the middle class will finally get a reprieve from taxation.
All of us need to make sure that every single Republican is on board; so this plan can pass because there’s a long, long way to go in Congress.