Subscribe to Money Morning get daily headlines subscribe now! Money Morning Private Briefing today's private briefing Access Your Profit Alerts

Trump Tax Plan for Individuals: A Complete Breakdown

Trump tax plan for individuals President Donald Trump plans to release a "phenomenal" tax cut plan in the next few weeks.

While he plans to cut business taxes, the Trump tax plan for individuals may have the biggest impact on your wallet.

Here's a look:

Trump Tax Plan – Single Tax % Trump Tax Plan – Married Filing Jointly Tax %
$0 – $37,500 12% $0 – $75,000 12%
$37,500 – $112,500 25% $75,000 – $225,000 25%
$112,500+ 33% $225,000+ 33%

 

Current Tax Plan – Single Tax % Current Tax Plan – Married Filing Jointly Tax %
$0 – $9,275 10% $0 – $18,550 10%
$9,275 – $37,650 15% $18,550 – $75,300 15%
$37,650 – $91,150 25% $75,300 – $151,900 25%
$91,150 – $190,150 28% $151,900 – $231,450 28%
$190,150 – $413,350 33% $231,450 – $413,350 33%
$413,350- $415,500 35% $413,350 – $466,950 35%
$415,050+ 40% $466,950+ 40%

An $80 Billion Cover-Up? Under the watchful eye of Congress, the government will soon be implementing a controversial plan that threatens the retirement of millions of Americans. And they're using an obscure loophole buried in Title 29 of the U.S. Labor Code to do it. If you have a 401(k), IRA, or any type of retirement account, this could cause you to miss out on $68,870 or more. Learn more…

Follow Money Morning on Facebook and Twitter.

Join the conversation. Click here to jump to comments…

  1. Paul Anthony | February 16, 2017

    Too little information. I've heard he would increase the standard deduction. Knowing if, and by how much, is important.

  2. Marius Muntean | February 17, 2017

    Wow! So, if you make 9,000 bucks a year, which put you in the poor category, you are hit with a 2% increase in income tax! But if you make a million in a year, you get a 7% reduction! And all that by crying loud about inequality!
    Talking about "drying the swamp" , but appointing the biggest number of Goldman-Sachs scoundrels in your cabinet than any administration before!
    Your wife and daughter openly speak how being public servants helps them promoting their personal business!
    What's next?… World War III ?… Yeah! That'll definetly would "make America great again"!!!… Or what's left of it…
    We already saw what 8 years of " change " did to this country, and NO!, we don't want to see the same junk going on under a different rhetoric…

  3. Faye | February 17, 2017

    I was hoping for a break for seniors………. mine stayed the same :(

  4. Muriel Guthrie | February 19, 2017

    Just can't believe we are just going to be left out in the cold as this proposes.

  5. Gloria Gibbons | May 9, 2017

    Well I guess I'll eat crow and say I am sorry for voting for Donald Trump. I mean really, I have a pre-existing condition, so I thought he would help on the stupid health care law, and possibly help with taxes. It appears he isn't doing anything for the hard working American's. I mean allowing the health insurance companies to charge more for pre-existing conditions, and allowing the back bone working Americans to have to pay more in taxes. It appears all parties running for some office makes promises they can't keep.

Leave a Reply

Your email address will not be published. Required fields are marked *

Some HTML is OK