Let it rain! Donald Trump pledged during his campaign to deliver tax cuts for everybody, especially for working-class Americans. And with Republicans taking charge in both the House and the Senate, it looks like the president-elect will get his chance.
But what does that really mean for you?
“First and foremost, Trump’s income tax reform is a simplification: He wants to cut down the number of tax bands from seven to three,” writes HowMuch.net’s Raul Amoros. “But simplifying is not necessarily the same as reducing taxes.”
The cost-estimating website used this chart to illustrate his point:
“As this graph demonstrates, some taxpayers would definitely benefit from Trump’s tax reform – especially those at the higher end of the income scale,” Amoros said. “There are others, however, who would see their...