Trump Score Card
As President Trump took office as President 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 (39.1%) 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 noted that the US federal government collected record total tax revenues through the first eleven months of fiscal 2017 (Oct. 1, 2016 through the end of August). The last major tax reform in America was in 1986.
What will President Trump do to change these concerning numbers?
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.”