Taxing system:

staff writer: Alonna Wood

Today’s tax plan people who pay taxes, called (tax payers) fall into one of 7 brackets, depending on their taxable income: 10%, 15%, 25%, 28%, 33%, 35% or 39.6%. Because the

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Brackets of tax payers and which they are held. Photo Courtesy: Payton 

U.S. tax system is an increasing one, as income rises, increasingly higher tax systems are placed, but those families in the highest paying bracket don’t always pay the highest tax rate on their income all the time.  “the plan would make the tax brackets from seven to three, with tax rates of 12 percent, 25 percent and 35 perce

 

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President Donald Trump Photo courtesy: Payton

nt,” said president Donald Trump. The current top rate is 39.6 percent and the lowest rate is 10 percent. The idea of this plan also gives Congress the option of creating a higher, fourth, rate above 35 percent in the tax plan to make sure that the higher-class 7families are paying their fair share.  

 

 

 

The plan is ensured to simplify and cut taxes for the middle class by doubling the standard deduction to $12,000 for individuals and to $24,000 for married couples. That would allow people to avoid a complicated process of their taxes to be able to receive credits and deductions. It would increase the child tax credit from $1,000 to an unpredictable amount, and create a new $500 tax credit for people who are elderly.  

 

I think this is a better solution to taxation from president Donald Trump, but I also believe tax payers should pay based on what they spend, instead of money coming out of their Income, so other people can live off of it. For example, let’s say a family of a married couple who have 5 kids , are middle- class tax payers and making about 200,000 annual per, year, which who are paying at a 33% income rate. Now let’s say they don’t buy much of things they don’t need such as materialistic things, they use their money for things such as essentials, but still get taxed so other people can live off of their money? Now I believe taxpayers should be taxed on what they buy, instead of how much they make. It would essentially benefit more families than just the wealthier ones, because families that our less fortunate could come to understand the valuable of spending their money more, and could even improve their living. Now others it could come to help , because they won’t be given any more money of other people’s pay checks and spend money they don’t have.  
 

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