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Trump’s plan cuts taxes, but not for everyone
More than a year ago, President-elect Donald Trump gave a speech outlining his vision for tax reform at his skyscraper on Fifth Avenue in New York City.
Andrew Burton/Getty Images
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.
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