Trump

THE TAX IMPLICATIONS IN TRUMP’S CONTRACT WITH THE AMERICAN VOTER

Donald Trump’s Contract with the American Voter


Included among measures to clean up the corruption and special interest collusion in Washington, DC
• A hiring freeze on all federal employees to reduce the federal workforce through attrition (exempting military, public safety, and public health).
• A requirement that for every new federal regulation, two existing regulations must be eliminated.
Middle Class Tax Relief and Simplification Act
• An economic plan designed to grow the economy 4% per year and create at least 25 million new jobs through massive tax reduction and simplification, in combination with trade reform, regulatory relief and lifting the restrictions on American energy.
• The largest tax reductions are for the middle class. A middle-class family with two children will get a 35% tax cut. The current number of brackets will be reduced from seven to three, and tax forms will likewise be greatly simplified. The business rate will be lowered from 35% to 15%, and the trillions of dollars of American corporate money overseas can now be brought back at a 10% rate.
End the Offshoring Act
• Establishes tariffs to discourage companies from laying off their workers in order to relocate in other countries and ship their products back to the U.S. tax-free.
American Energy and Infrastructure Act
• Leverages public-private partnerships, and private investments through tax incentives, to spur $1 trillion in infrastructure investment over ten years. It is revenue neutral.
Repeal and Replace Obamacare Act
• Fully repeals Obamacare and replaces it with Health Savings Accounts, the ability to purchase health insurance across state lines and lets states manage Medicaid funds.
Affordable Childcare and Eldercare Act
• Allows Americans to deduct childcare and eldercare from their taxes, incentivizes employers to provide on-site childcare services and creates tax-free dependent care savings accounts for both young and elderly dependents, with matching contributions for low-income families.