Republican nominee Donald Trump has pledged to bolster the economy with tax cuts, according to the Wall Street Journal. During the convention, the Republican Party had initially planned to raise the tax rate to 25%. However, Trump vowed Monday to raise the tax rate to 33%, which is less than the current top rate for the United States of 39.6%.
“The rich will pay their fair share, but no one will pay so much that it destroys jobs or undermines our ability as a nation to compete,” Trump said.
During the speech, Trump also mentioned how he would work with House Republicans on decreasing the count of tax brackets from seven to three. Chairman Kevin Brady, who is the top tax writer, said Trump’s plan “flows together very well” with the House’s.
Trump pledged to produce 500,000 jobs per year during his first seven years of administration. During this time, he plans on cutting business taxes and lessening federal regulations while reforming his presidential campaign in the course.
During his speech at the Detroit Economic Club, Trump said he plans on reducing the corporate tax rate from 35 percent to 15 percent.
Aside from helping the economy grow, having to pay less in taxes will help taxpayers avoid IRS Back Taxes. Back Taxes are taxes that have been unpaid in the year that they were due. Taxpayers facing back taxes are in danger of an IRS levy of their bank account, lien on their property, garnishment of their wages or seizure of their assets.