Throughout the 2016 presidential campaign, the issue of the economy would often find its way into the debate. While Democratic nominee Hillary Clinton spoke about raising taxes on only those at the top of the income ladder, #Donald Trump gave a more vague description of his #tax plan.
Trump tax plan
The consensus among most political pundits and the media is that Democrats are willing to tax those at the top in order to create an even playing field with those who are at the bottom. For Republicans, their economic policies have often favored the wealthy, with the well-known trickle-down, or Reaganomics, tax plan being highly debate among liberal and conservative economists. As reported by local PIX 11 in New York on November 28, via the Tax Policy Center, the tax plan proposed by Donald Trump will continue those aforementioned traditions.
According to a recent report by the Tax Policy Center, a non-partisan organization, as many as eight million American households with children will see a tax increase under a Donald Trump administration. A more detailed breakdown shows that 5.8 million of those homes are headed by a single-parent, with just over two million including married couples.
"If you're a low- or moderate-income single parent, you’re going to get hurt," Bob Williams pointed out, a fellow over at the Tax Policy Center. Trump's main talking-point is his simplification of the tax code, by reducing the current tax brackets from seven to three. The main issue comes in the bottom bracket, where if you make less than $9,700 a year, your taxes will increase at a federal rate from 10 percent to 12 percent.
Who Benefits From Donald Trump's Tax Plan? https://t.co/fPakKmGEdW— NPR Politics (@nprpolitics) November 13, 2016
While the two percent increase might not seem like a lot on the surface, it could mean whether or not the lights stay on in a low-income household. The former host of "The Apprentice" also plans to "eliminate personal and dependent exemptions," which would have a negative impact on "single parents who don't itemize."
The biggest worry over the Donald Trump tax plan is the likelihood that it becomes law. With the #Republican Party in control over both the Senate and the House of Representatives, Trump will have an easy time getting through most of what he campaigned on, if that is what he chooses to do. The president-elect will be sworn in as the new commander in chief on January 20, and is expected to act quick when it comes to his tax plan.