There’s a lot of good in this:
Trump’s new proposal would reduce tax rates for most Americans and simplify the tax code, but the new rates Trump proposed mark an increase from those he proposed last year as he campaigned for the Republican nomination and touted his tax reform plan as offering the lowest income tax rates of any of his GOP opponents.Trump’s new proposal would more than halve the number of income tax brackets and bring rates down to 12%, 25% and 33%. Trump proposed drastically reducing federal income tax rates to 10%, 20% and 25% — a proposal that nonpartisan groups assessed would add trillions of dollars to the national debt.Americans in the top income bracket are currently taxed at 39.6%. Trump also vowed again Monday that the poorest Americans will have a zero tax rate, which he included in his initial proposal.
I think everyone can get behind a simplified tax code and even some liberals can understand why we need a lower corporate tax rate while eliminating some of the tax havens. But I fundamentally disagree with the continuing push to make fewer people foot the federal tax bill by eliminating income taxes for lower income folks. It creates a disincentive for an entire class of people to be good financial stewards of our public interests. Everyone – and I mean everyone – should be required to pay their fair share.