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White House Unveils Historic Tax Plan
The White House revealed a tax plan this week that lays out massive cuts for businesses, the middle class and certain high-income people. Presidential advisors who presented the plan called it a “once in a generation opportunity” to enact such dramatic changes, noting that President Trump had made tax reform a priority, and those efforts have the backing of a Republican congress.
The plan includes:
- Slashing federal income-tax rate to 15% for corporations, small businesses and partnerships of all sizes
- Imposing a one-time tax on roughly $2.6 trillion in earnings U.S. companies hold overseas
- Moving to a territorial system, under which most foreign profits would be exempt from U.S. taxes, rather than taxing business income regardless of where earned
- Condensing seven income-tax rates to three
- Cutting the individual top rate to 35% from 39.6%
- Ending a 3.8% net investment income tax for individuals earning more than $200,000 annually
- Repealing alternative minimum tax
- Eliminating the estate tax
- Eliminating federal income-tax deductions allowed for state and local taxes
- Preserving itemized deductions for home mortgage interest and charitable contributions
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