Simon Black – Yesterday the leading presidential candidate in the Land of the Free released his tax plan in the Wall Street Journal.
And the Donald certainly did not disappoint his supporters.
His tax plan is bold, aiming to drastically simplify the tax code and reduce the number of individual income tax brackets down to four.
He aims to cut taxes for all individuals who earn less than $25,000 dollars, and reduce the top marginal rate to 25% for those earning more than $150,000.
The corporate tax rate would also be cut to 15%, down from a marginal rate as high as 38%.
The Internet is now abuzz with economists analyzing Mr. Trump’s proposals, assessing the economic impact and making grandiose calculations on whether or not they would be “revenue neutral”.
Criticism already abounds with many saying that his tax plan would vanquish overall tax revenue by many trillions of dollars, leaving the Land of the Free in an even deeper financial hole.
These arguments and discussions are entirely misplaced.