trump

The White House  issued President Trump’s goals and key features for tax reform, including cut corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum taxes. He outlined these proposals in a one page bulletin which you can see below. The individual and business tax reform highlights include the following:

Proposed individual tax provisions:

• Down from the current seven tax rates to three- 10%, 25% and a top rate of 35% (down from 39.6%).
• Elimination of the Estate Tax.
• Elimination of itemized deductions outside of mortgage interest and charitable contributions.
• Repeal of the Alternative Minimum Tax (AMT).
• Repeal of the 3.8% tax on net investment income.
• Doubling of the standard deduction for married couples and individuals.
• Tax relief for families and dependent care expenses.

Proposed business tax provisions:

• Decreasing the top corporate tax rate to 15% (current top tax rate is 35%).
• The 15% tax rate would apply to business income of pass-through entities such as partnerships, S corporations and limited liability companies.
• A one time tax on business profits (at an unspecified tax rate) in foreign countries repatriated to the United States.
• Introduction of a territorial tax system in place of the current worldwide tax regime.

Below is the one page bulletin released from the White House. […]