Which has inspired a fair amount of ridicule.
Here is what the New York Times had to say about it:JFC.— Holly #TheResistance (@AynRandPaulRyan) April 26, 2017
This is their tax plan?
My kid wrote a more detailed paragraph on dinosaurs last year.
(h/t @kpomerleau)#TaxReform#WednesdayWisdom pic.twitter.com/luwSXkjoHf
President Trump on Wednesday proposed sharp reductions in both individual and corporate income tax rates, reducing the number of individual income tax brackets to three — 10 percent, 25 percent and 35 percent — and easing the tax burden on most Americans, including the rich.
The Trump administration would double the standard deduction, essentially eliminating taxes on the first $24,000 of a couple’s earnings. It also called for the elimination of most itemized tax deductions but would leave in place the popular deductions for mortgage interest and charitable contributions. The estate tax and the alternative minimum tax, which Mr. Trump has railed against for years, would be repealed under his plan.
As expected, the White House did not include in its plan the border adjustment tax on imports that was prized by House Republicans. However, it did express broad support for switching to a so-called territorial tax system that would exempt company earnings abroad from taxation but would encourage companies to maintain their headquarters in the United States.
The White House is referring to this as “the biggest tax cut and the largest tax reform in the history of our country.”
Both are untrue as other president's have initiated larger tax cuts, and there is nothing on this slip of paper that can legitimately be called a "tax reform."
Which is something that did not escape the notice of Congressional Republicans:
"It's not tax reform," said one senior GOP aide. "Not even close."
As you might imagine the Democrats are even less impressed with this new 'plan."
Now keep in mind that Trump is attempting to implement these tax cuts while also pushing for the construction of that ridiculous border wall, a stated desire to throw money at the military, and a supposed plan to address infrastructure concerns.Trump tax plan is Voodoo Economics on steroids. If you believe in magic, unicorns or Batman, this plan is for you. https://t.co/rj38cvlCBC— Ted Lieu (@tedlieu) April 26, 2017
How could he possibly pay for all of that while cutting taxes like this?
Simple he is going to strip 18 billion from social programs, as well as the Department of Education, The National Endowment for the Arts, and even the National Park Service.
After all what is education, access to culture and fine arts, or vacationing at Yellowstone, when compared to some corporate bigwigs ability to buy that extra yacht they have been eyeing?
However economists say that will not be enough, and suggest that this tax plan will add trillions to the deficit.