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 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). Also the latest report shows the top 20% of people to pay income taxes account for 94.8% of those taxes paid. The last major tax reform in America was in 1986. What will President Trump do to change these concerning numbers?
UPDATE: Trump implemented a historic and largest tax overhaul in 30 years. The plan includes decreasing corporate taxes from 35% down to 20% for all (including small) businesses, nearly doubling the standard deduction, allowing deductions of up to $10,000 in local property taxes and decreasing income taxes.
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 Sessions announced 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.
12/2/17: Trump implemented a historic and largest tax overhaul in 30 years. The plan includes decreasing corporate taxes from 35% down to 20% for all (including small businesses), nearly doubling the standard deduction for individuals, allowing deductions of up to $10,000 in local property taxes and decreasing income taxes. Not one Democrat voted for the bill.