From the press briefing, reportedly a result of input from Trump team and congress:
The whole briefing is on youtube and other places. Here is a snippet: http://www.cnbc.com/2017/04/26/the-white-house-just-outlined-its-tax-plan-heres-whats-in-it.html
Lots of big impact items here. Who knows what will actually happen with reconciliation etc. Lots of details to be found out but so far it's impressive. I'm happy to see the marriage penalty go. I am anxious to see what the dollar brackets are, but suspect they are similar to what has been talked about before.
- 3 brackets: 10%, 25% and 35%
- Elimination of marriage penalty.
- Larger standard deduction - $24,000 for married couple.
- Tax relief for child and dependent care expenses.
- Repeal of AMT.
- Elimination of 3.8% net investment income tax.
- Repeal of Estate Tax. Immediate elimination of estate tax with no phaseout.
- Elimination of many (all) deductions, but mortgage interest, charitable giving and retirement contributions retained. Elimination of state & local tax deduction.
The whole briefing is on youtube and other places. Here is a snippet: http://www.cnbc.com/2017/04/26/the-white-house-just-outlined-its-tax-plan-heres-whats-in-it.html
Lots of big impact items here. Who knows what will actually happen with reconciliation etc. Lots of details to be found out but so far it's impressive. I'm happy to see the marriage penalty go. I am anxious to see what the dollar brackets are, but suspect they are similar to what has been talked about before.
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