Trump’s economic plan can be broken into three parts: Tax cuts; Deregulation and Fiscal Stimulus.
As far as tax cuts, there are three main subsets:
1–The corporate tax rate, which Trump will drop from 35 percent to 15 percent.
2–A tax cut on the “repatriation of funds”– which lowers the rate on roughly $2 trillion of cash that’s currently stashed overseas by uber-rich US businesses because of onberous tax rates on bringing the money into America. Trump wants to give them a one-time “holiday” with a 10% tax for companies that agree to bring their cash back to the US. The one-time tax break will increase business investment and employment in the US.
3–Trump also wants to reduce the top tax rate from 39.6% to 33%, while making modest reductions to the other brackets. Under the Trump plan, “a taxpayer who makes between $48,000 to $83,000 a year would save about $1,000 (while) people in the top 0.01%, making $3.7 million or more in a year, would receive $1 million in annual tax savings.” (USA Today)
Trump also wants to dismantle the Consumer Financial Protection Bureau (CFPB) which recently imposed a $100 million fine on Wells Fargo for using bank employees to create more than 2 million unauthorized accounts to meet sales quotas. Wells Fargo’s employees may have caused a problem for Wells but it didn’t affect any any other Americans.
Trumps plans are simple in concept and will work brilliantly to make Americans great again by government letting American’s keep their money. How simple.
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