By William Wheeler Syracuse, N.Y.- Since tax day was pushed back to Tuesday because of the weekend and Emancipation Day, a federal holiday marking the emancipation of slaves in D.C. Coincidentally, tax day also fell on Trump Tuesday at Perseverance Park. The topic was President Trump’s proposed tax return, and his refusal to release his tax returns.
Trump’s proposal will cut the the seven tax brackets to just three,
The proposal would cut taxes at every income level, but high income taxpayers would receivethe biggest cuts, both in dollar terms and
as a percentage of income. Overall, the plan would cut taxes by an average of about $5,100, or about 7 percent of after tax
income. However, the highest income 0.1 percent of taxpayers (those with incomes over $3.7 million in 2015 dollars) would experience an average tax cut of more than $1.3 million in 2017, nearly 19 percent of after tax income. Middle income households would receive an average
tax cut of $2,700, or 4.9 percent of after tax income.
Other aspects of the plan involve increasing the standard deduction, and decreasing tax deduction from donating to charity. Supports say the new reform will provide tax relief to the middle class, and streamline the tax code. Those who disagree with the reform say the bill just gives the richest more money.
Trumps new tax plan is having trouble getting support in Congress with even some Republicans disagree with the plan.
Here in Syracuse, Mayor Stephanie Minor and over twenty citizens join together in Perseverance park and voiced their displeasure for the plan. Another issue facing the plan is Trump’s tax returns which he has continued to refuse to release, saying he can’t show them while being audited, and until that happens, some opposers say they wont agree to any tax reform at all