A cornerstone of Donald Trump’s economic pitch was an overhaul of the U.S. income tax system. The president-elect plans to condense personal tax brackets from seven down to two, with the top rate maxing out at 33 percent — significantly lower than the current top brackets. But that doesn’t mean every American will get a break; under Trump’s proposal, some middle- and lower-income people could actually pay more in taxes.
Click the above audio player to hear the full story.
Editor’s note: The description of the audio content was updated to correct the number of tax brackets included in President-elect Donald Trump’s tax plan.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.