Gives a tax cut to every family that pays income taxes. Reduces the marriage penalty. Eliminates the death tax. Expands the charitable tax deduction. Makes the research and development tax credit permanent.
Federal taxes are the highest ever during peacetime.
Americans pay more in taxes than they spend on food, clothing and housing combined. Americans work more than 4 months of the year just to pay their tax bills. The current high tax rates are keeping low-income taxpayers out of the middle class. 1 in 5 taxpaying families with children would no longer pay any income taxes at all. Clearly, low-income Americans are the biggest winners under the President's plan.