End of Death Tax, Higher Standard Deduction Win Praise From Seniors Leader
ALEXANDRIA, VIRGINIA (September 27, 2017) – 60 Plus Founder and Chairman James Martin Wednesday issued the following statement after reviewing the tax reform plan offered by the Trump Administration:
“There’s a lot for seniors to like in President Trump’s framework for tax reform. After reviewing the President’s plan, I believe the net effect can be summed up in four words – promises made, promises kept.
“It abolishes the Death Tax as he promised, safeguarding family farms, ranches and small businesses. It simplifies the tax code by reducing to three the number of marginal tax brackets, and caps the maximum tax rate for family owned businesses. In addition to that, the doubling of the standard deduction will be a huge boon to low-income retirees and those who no longer itemize their deductions because they have sold their homes and moved to retirement communities.
“President Trump’s plan to set the corporate tax rate to 20 percent and a one-time low rate for bringing home their overseas profits will go a long way toward creating new jobs and providing greater economic growth in communities across America, all while making the United States more competitive in the global economy.
“This tax reform package is true to President Trump’s promises to the American people and we look forward to educating our millions of 60-Plus members on its virtues and benefits for them, their families and our nation.”