September 29th Edition

Presidential candidate Donald Trump unveiled his tax plan yesterday. I will leave for another occasion a full evaluation of the plan, but one plank raises an important issue in tax policy. The plan includes the provision "If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax. That removes nearly 75 million households – over 50% – from the income tax rolls. They get a new one page form to send the IRS saying, “I win,” those who would otherwise owe income taxes will save an average of nearly $1,000 each.”

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