(WTNH)– The president’s tax plan and the impact it could have on your wallet. There are some big savings for the middle class but democrats are already calling the plan deceptive.
After striking out over healthcare, republicans are now shifting their focus to tax reform. President Trump is calling his plan a “middle class miracle”.
Of course the final details will be up to Congress. Here’s how the frame work looks right now. For individuals and families, the number of tax brackets would be reduced from seven to three, doubling the standard deduction for families.
That would mean no income tax at all on the first $24,000 of income. In addition to this, the tax on corporations would be slashed from 35 percent to 20 percent. However, top earners would see their rate drop. While low income earners would see an increase.
“Democrats and Republicans in Congress should come together finally to deliver this giant win for the American people and begin a middle-class miracle,” said Trump.
“It is a framework that gives away the store to the wealthiest while sticking it to the middle class,” said Nancy Pelosi, (D) California
As you just heard, the plan is getting both praise and criticism. Democrats calling this a false promise to the middle class.
Speaker of the house Paul Ryan hopes to have a bill for the president to sign by the end of the year.