President Trump introduced his tax reform plan Wednesday, telling a crowd at the Indiana Fair Grounds Farm Bureau Building in Indianapolis that "Americans waste so much money ... each year to comply with our ridiculously complex tax code." He added that "we are making our tax system simple again. We are simplifying our tax system."
The plan — which proposes shrinking the seven individual tax brackets down to three at 12 percent, 25 percent, and 35 percent — is being promoted as a win for the middle class because it will also double the standard deduction for all taxpayers. Critics, though, point out that it raises taxes on the lowest income bracket from 10 percent to 12 percent and lowers taxes for the wealthiest Americans, from 39.6 percent to 35 percent. Trump, though, insisted "it's not good for me, believe me."
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.
-
4 ways to give back this holiday seasonThe Explainer If your budget is feeling squeezed, remember that money is not the only way you can be generous around the holidays
-
4 tips for hosting an ecofriendly ThanksgivingThe Week Recommends Coming together for the holidays typically produces a ton of waste, but with proper preparation, you can have an environmentally friendly gathering.
-
Jussie Smollet conviction overturned on appealSpeed Read The Illinois Supreme Court overturned the actor's conviction on charges of staging a racist and homophobic attack against himself in 2019
-
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
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
