Today on "The Chris Salcedo Show," Chris Salcedo evaluated President Donald Trump's proposed tax reforms for individuals. He was impressed by Director of the National Economic Council Gary Cohn's disclosure that couples would not be taxed on the first $24,000. Many people would take care of their tax debt with the payroll deduction alone, he suggested.
Equally impressive to Chris was the idea that we could all turn in our taxes on one page. Simplification only comes when many deductions are eliminated, but we would still be able to write off expenses for child and dependent care.
There will be a repeal of the Alternative Minimum Tax, which was only intended to apply to higher income individuals but now penalizes many in the middle class. Cohn said it "requires taxpayers to do their taxes twice to see which is higher."
The Director also revealed that the top capital gains tax rate and dividend rate would be reduced back down to 20%, repeal of the 3.8% Obamacare tax, and a repeal of the estate tax so grieving family members do not "waste countless hours and resources" mitigating the threat of a taxes upon that which their departed loved one bequeathed them.