Donald Trump announced a tax plan Monday that would not tax single Americans who earn under $25,000 annually, or couples earning less than $50,000 combined. Alongside this 0 percent income tax rate, Trump's proposed plan would cut the corporate tax rate to 15 percent and lower taxes for the highest earners, while eliminating or reducing certain loopholes and deductions for upper- and middle-income tax brackets — the goal being to "maintain or even increase current revenue," Politico reports.
"We will have the greatest economy," Trump announced upon the release of the plan. "An economy — you won't even believe it, it will be so good."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
2024: The year of conspiracy theoriesIN THE SPOTLIGHT Global strife and domestic electoral tensions made this year a bonanza for outlandish worldviews and self-justifying explanations
-
Five medical breakthroughs of 2024The Explainer The year's new discoveries for health conditions that affect millions
-
Top films coming out in 2025The Week Recommends Pick up some popcorn and settle in for a cinematic treat
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
