[Open Discussion] President Trump lays out his official tax proposal
Sources:
Highlights:
- Corporate tax rate of 15% (down from 35%)
- Pass-through entity tax rate of 15% (as opposed to that income being taxed at the individual's tax rate)
- No border adjustment tax (tax on imports)
- Individual tax rates simplified into 3 brackets of 10%, 25%, and 35% (current structure)
- Standard deduction would be doubled (single filers would deduct $12,700 from their income, married filers would deduct $25,400)
- Elimination of most itemized deductions (charitable contributions and mortgage interest paid would remain eligible)
- Unspecified child and dependent care tax relief
- One time Repatriation Tax of 10% on foreign profits brought back to the US
- Elimination of the Estate Tax
Please use this thread to discuss Trump's proposed tax plan.
Posted Apr 26, 2017, 6:04 PM UTC · edited
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