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Tax Reform Slow Going, Centers Cuts And New Breakdowns

In light of Congress’s failure to repeal the ACA – a core aspect of Trump’s platform – Trump and the Republicans are in need of a victory, and they’re pinning their hopes on tax reform. Repealing the ACA would also resolve the tax ramifications that came with healthcare, but now Republicans will need to strike more broadly against the current code. They’ll also need to partner across the aisle if they want to get it done.

Tax Bracket Restructuring

One facet at the heart of Trump’s tax reform plans is a restructuring of the current tax bracket system. Right now, when you calculate your tax bracket, you’re assigned to one of seven possible population segments, based on your income and filing status (whether you’re filing as a single individual or married and filing jointly, for example). The lowest bracket is 10 percent and the highest is 39.6 percent.