August 19, 2017

President Trump’s Tax Reform Plan: What You Need to Know.

Objectives:

-Economic growth, getting to three percent GDP within the year after implementation

-Job creation

Personal/Individual tax reform: 

-Repeals the Alternative Minimum Tax for individuals

-Eliminates the death tax

-Eliminates all tax deductions, excluding the mortgages and charitable deductions

-Zero tax rate for the first $24,000 a couple earns

-Three tax brackets: 10, 25 and 35 percent

Business tax reform: 

-Small, medium and large businesses qualify for the business rate

-Lowers business rate from 35 percent to 15 percent

-One-time tax on corporate earnings held overseas

-One time tax on overseas profits

Source: Townhall

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