http://money.cnn.com/2016/11/09/news/economy/donald-trump-means-for-your-money/index.html?iid=hp-stack-domOkay, so I was reading about some of his proposals, which to me, he should have been talking about more! Hell, I didn't even know about them. Maybe it's my fault but I seriously didn't hear any discussion of them on the campaign trail or in the debates.
A few possible good ideas in here.
1) Letting parents deduct the FULL cost of childcare, up to the average in the state for a child that age. HUGE help to working parents.
2) 15-year cap on student loan payments, instead of 20. I'd need to read into that more, as it's possible that lower time frame would just result in forced higher payments during the 15 years.
3) Allowing folks (like me) who aren't offered health insurance at work to deduct their health care premiums! That would be a HUGE benefit to many families, including many small business owners, but again, if the negatives (higher premiums, less coverage, denials for pre-existings) outweigh this benefit, it's not really a net gain. Still, it will be interesting to follow.
And finally here are the tax brackets for comparison...
Current
Table 1. 2016 Taxable Income Brackets and Rates (Estimate)
Rate
Single Filers
Married Joint Filers
Head of Household Filers
10%
$0 to $9,275
$0 to $18,550
$0 to $13,250
15%
$9,275 to $37,650
$18,550 to $75,300
$13,250 to $50,400
25%
$37,650 to $91,150
$75,300 to $151,900
$50,400 to $130,150
28%
$91,150 to $190,150
$151,900 to $231,450
$130,150 to $210,800
33%
$190,150 to $413,350
$231,450 to $413,350
$210,800 to $413,350
35%
$413,350 to $415,050
$413,350 to $466,950
$413,350 to $441,000
39.6%
$415,050+
$466,950+
$441,000+
Trump's proposed
Brackets & Rates for Married-Joint filers:
Less than $75,000: 12%
More than $75,000 but less than $225,000: 25%
More than $225,000: 33%
*Brackets for single filers are ½ of these amounts
*EDIT* Ran some numbers. With a married filing jointly family earning $150,000, they would pay $29,042, but only $27,750 under Trump, for a savings of $1,292. Not huge, but at least it's a cut. And combined with deductions for privately purchased health insurance premiums and larger deductions for child care, that could all help many middle to upper middle class families.