Trump Tax Plan Would Lower Business Rate, Repeal Estate Tax
Trump Tax Plan Would Lower Business Rate, Repeal Estate Tax
- AuthorsTrump, Donald
- Institutional AuthorsWhite House
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2017-51550
- Tax Analysts Electronic Citation2017 TNT 80-27
2017 Tax Reform for Economic Growth and American Jobs
The Biggest Individual And Business Tax Cut In American History
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.
- AuthorsTrump, Donald
- Institutional AuthorsWhite House
- Code Sections
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2017-51550
- Tax Analysts Electronic Citation2017 TNT 80-27