According to U.S. Sen. Todd Young, "The president made a convincing case that this tax reform package will boost the economy and increase the take-home pay of every Hoosier."
In President Donald Trump's plan, if you earn $40,000 to $50,000, the Institute on Taxation and Economic Policy estimates a tax savings of about $8 a week.
If you earn $10 million, you’ll save about a $1.5 million. As much as two-thirds of the tax cuts will go to the 1 percent.
This will shower billions of tax cuts upon the wealthiest Americans. The Center for American Progress Action Fund shows Trump’s family and Cabinet members would, combined, reap a $3.5 billion windfall from repeal of the estate tax.
Trump’s plan would cap the tax rate on “pass-through income” at 25 percent, giving millions in savings to millionaires and billionaires. Small business owners with modest profits will have taxes increased from 10 percent to 15 percent.
Carol Ring, Schererville