As President Trump took office on Nov. 8, 2016 the United States had the third highest general corporate income tax rate in the world, at 39.1% and the highest corporate tax rate of any developed country. Cutting taxes was one of President Trump's many promises. The overall tax rate for single American workers was 32% and for married couples was 21% and Americans on average spend more on taxes than they did on food and clothing combined. It should also be known that state and local income, sales and property taxes all hit record highs in 2017 for the US government. Also the latest report shows the top 20% of income earners pay 94.8% of all income taxes. The last major tax reform in America was in 1986. What will President Trump do to change these concerning numbers?
*UPDATE: Trump passed a historic and largest tax overhaul in American history. The $1.5 tax cut plan (that 143 million Americans will get) includes decreasing corporate taxes from 35% down to 21% for all (including small) businesses, decreasing the alternative minimum tax, decreasing personal income taxes for all tax brackets, decreasing the estate/death tax, doubling of the child tax credit, increasing the standard tax deduction and eliminating the Obamacare mandate tax. 90% of Americans will see more money in their paycheck. In fact since the tax reform passed, more than 700 companies have announced more jobs, more bonuses, higher wages, charitable giving, and new investments in the U.S.
4/21/17: Trump signed a presidential executive order on identifying and reducing tax regulatory burdens. The order directs Secretary of Treasury Steve Mnuchin to review within 60 days all tax regulations put in place in 2016 and 2017 that put an "undue financial burden on United States taxpayers.
9/27/17: Promising a “middle class miracle,” President Donald Trump was in full salesman mode as he tried to build momentum behind his plan to overhaul the nation’s tax code. Hours after the White House and congressional Republicans released a framework for sweeping changes to the tax system, the president told hundreds of supporters at the Indiana State Fairgrounds the plan was “a once-in-a-generation opportunity.”
10/20/17: Some Bernie Sanders supporters excitedly endorsed President Trump's tax plan.
10/26/17: The Trump administration, after years of litigation, has settled lawsuits with Tea Party and other conservative groups who say they were unfairly targeted by the IRS under the Obama administration (known as the IRS targeting scandal). Attorney General Jeff Sessionsannounced that the Justice Department had entered into settlements with Tea Party groups whose tax-exempt status was significantly delayed by the IRS dating back to 2013, “based solely on their viewpoint or ideology.” The settlements involve payments to the plaintiffs and an apology from the IRS. The Trump administration also officially apologized to the American citizens for the IRS illegally targeting conservatives. The IRS has finally admitted to unfairly, and illegally, targeting conservative groups during the Obama administration.
12/20/17: President Trump, with the support of his Republican party, pushed through a historic and largest tax overhaul in over 30 years. The $1.5 trillion tax cut plan includes decreasing corporate taxes from 35% down to 21% for all (including small) businesses, decreasing the alternative minimum tax, decreasing personal income taxes for all tax brackets, decreasing the estate/death tax, doubling of the child tax credit and increasing the standard tax deduction and eliminating the Obamacare mandate tax. Not one Democrat voted for the bill.
12/20/17: Hours after the tax cut bill was confirmed several companies including AT&T Inc (T.N), Wells Fargo & Co (WFC.N) and Boeing Co (BA.N) announced more pay and higher bonuses for workers and more investment in training. At least 300 companies have announced tax reform bonuses, pay raises, or 401(k) hikes so far.
4/4/18: Trump’s tax cut windfall lifts stock dividends to new record high.
5/10/18: Even after Trump's historic tax cut plan, the federal government still collected a record $2,007,451,000,000 in total taxes through the first seven months of fiscal 2018 (October through April).
7/13/18: Six months after the historic Trump tax cuts the federal government still continued to collect yet another record ($1,305,490,000,000) in individual income taxes for the fiscal period of October 2017 through June 2018. Many of the opponents to the Trump tax cuts argued the government would lose revenue and therefore increase the deficit. This did not happen.