President Donald Trump has been speaking of and pushing for tax cuts legislation since his campaign for the presidency began in 2015. The President has been clear he wants to simplify the tax code with only 4 tax brackets instead of the current 7. Trump has also stated everyone will be able to file taxes on one side of a large index card if his new tax plan was passed. The GOP tax plan has overwhelming support from the majority of the Republican senate and congress. The proposed plan will save tax payers millions of dollars.
regrettably Democratic Minority leader Nancy Pelosi and Senator Chuck Schumer failed to show after being invited to a joint meeting with the President and his GOP colleagues; Speaker of the House Paul Ryan and Senator Mitch Mconnell. The meeting was to be held to negotiate any amendments or concerns with the new GOP Tax Plan.
There is still time for members of the house to amend this plan.
The 4 brackets proposed:
**12% Tax bracket: This rate would apply to single filers that earn an income between $12,000-$45,000.
For married joint filers this rate would apply at incomes between $24,000-$89,999
**25% Tax bracket: This rate would apply to single filers that earn an income between $45,000-$199,999
For married joint filers this rate would apply at incomes between $90,000-$259,999
**35% Tax bracket: This rate would apply to single filers that earn an income between $200,000-$499,999
For married joint filers this rate would apply at incomes between $260,000-$999,999
** 39.6% Tax bracket: This rate would apply to single filers that earn an income between $500,000+
For married joint filers this rate would apply at incomes $1,000,000+