Full summary of Trump's tax plan
|U.S. President Donald Trump's tax plan summary is now on the wires, via White House's correspondent Zeke Miller, highlighting the key points of the announced tax reform:
Goals for tax reform
- Grow the economy and create millions of jobs
- Simplify our burdensome tax code
- Provide tax relief to American families-especially middle-income families
- Lower the business tax rate from one of the highest in the world to one of the lowest
Individual Reform
- Tax relief for American families, especially middle-income families:
- Reducing the 7 tax brackets to 3 tax brackets of 10%, 25% and 35%
- Doubling the standard deduction
- Providing tax relief for families with child and dependent care expenses
- Simplification
- Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers
- Protect the home ownership and charitable gift tax deductions
- Repeal the Alternative Minimum Tax
- Repeal the death tax
- Repeal the 3.8% Obamacare tax that hits small businesses and investment income
Business Reform
- 15% business tax rate
- Territorial tax system to level the playing field for American companies
- One-time tax on trillions of dollars held overseas
- Eliminate tax breaks for special interests
Process
- Throughout the month of May, the Trump administration will hold listening sessions with stakeholders to receive their input and will continue working with the House and Senate to develop the details of a plan that provides massive tax relief, creates jobs, and makes America more competitive - and can pass both chambers.
Latest updates:
Trump's tax plan: Proposes reducing number of U.S. tax brackets to 3 from 7
Trump's tax plan: Proposes 15% business tax rate
Cohn: Trump plan will repeal so-called death tax on estates
U.S. Treasury's Mnuchin: Small and medium sized business also will be eligible for the 15% tax rate
U.S. Treasury's Mnuchin: Trump has no intention to release his own taxes
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