Question

Compare trump’s tax cuts with Reagan’s and George W. Bush’s cuts in taxes?

Answer 1

As per the latest tax structure introduced by Donald Trump,there has been a significant reduction in corporate tax rate and it ended many deductions and loopholes. The number of tax brackets have been reduced from seven to three ,namely 12%, 25% and 35% and keeping an additional tax rate bracket for the richest Americans. This way there has been significant reduction in the tax paid by the top wealthy people in America as the high income earners tax liability would reduce from 39.6% to 35%.

This tax structure is same as that introduced by Reagan and Bush who also reduced the tax liability of the top earners of America. Thus they all are of the same opinion that reduction in tax rates of the top income earners of America would boost the economic growth.