collapse the seven individual income tax rates to three (12, 25, and 35 percent),
increase the standard deduction,
eliminate personal exemptions,
increase the child tax credit,
eliminate most itemized deductions,
repeal the individual and corporate alternative minimum taxes,
repeal the estate tax,
reduce the corporate tax rate from 35 to 20 percent, tax pass-through business income at a top rate of 25 percent,
allow businesses to fully expense investment in equipment and machinery for at least five years,
adopt a territorial tax system that would exempt the foreign earnings of US corporations from US tax
... moments ago the Tax Policy Center released its analysis of what the practical impacts of the Trump tax plan will be on the broader population. Below we present the key findings.
The tax plan will cost $2.4 trillion over the first decade and $3.2 trillion over the second dacade, on a static basis.