According to Donald Trump, everyone in the United States will get a tax break under his presidency. Millionaires and billionaires certainly do. One group, however, will see higher taxes as a result of Trump’s plan.
Single parents would pay about $1,000 more in taxes under Trump’s tax plan. According to Think Progress, Trump will be raising taxes in three ways.
First, he eliminates the “head of household” filing status for single parents and umarried taxpayers who are caretakers for others in their household. The head of household filing status allows for a greater standard deduction, reducing the amount of taxes paid by these groups.
Second, Trump’s tax plan does away with personal exemptions. Under current law, taxpayers are allowed one personal exemption for each individual in their household and each exemption reduces the amount of their income that can be taxed.
Third, Trump eliminates the 10 percent bracket of income that is not taxed.
‘Trump gets rid of the current 10 percent tax bracket that applies to income at the lowest end. For head of household filers, the 10 percent bracket would apply to the first $13,250 of taxable income. Instead, that income would be taxed at 12 percent under Trump.’
At the losing end of this plan, without question, are single parents. Many single parents, especially those who live in poverty, rely on their annual tax returns to cover large expenses such as car repairs, medical bills, or just to catch up on necessities like rent and utility bills.
Meanwhile, Trump’s plan offers the millionaires and billionaires he met with last week at The Economic Club of New York around $4 trillion in tax cuts. Despite recent revisions, which raised taxes on corporations and the wealthy compared to Trump’s original plan, it is still the one percent who would benefit the most from a Trump presidency.
CNBC reports that The Independent Tax Foundation released their analysis of Trump’s tax plan on Monday, writing that:
‘Trump’s tax plan contains several benefits to the wealthy. The top individual income tax rate would fall from the current 39.6 percent to 33 percent, and the corporate tax rate would drop from 35 percent to 15 percent. He would also eliminate the federal estate tax and gift taxes.’
So much for Donald Trump being the voice of the common man. Apparently, Trump’s answer to the issue of the wealth gap in the United States, the largest of any developed country in the world, is to make the rich richer while the poor make all the sacrifices.
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