President Trump, in accordance with Republican leaders, has released his full tax proposal that you can read below:
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Open in new tab Here’s more on the proposal from Bloomberg:
President Donald Trump and Republican leaders were poised to launch an urgent effort to get a major legislative win this year, announcing a long-awaited tax plan that will immediately set off a fight over how much top earners should pay.
The framework proposes cutting the top individual rate to 35 percent — but leaves it up to Congress to decide whether to create a higher bracket for those at the top of the income scale, according to a copy obtained by Bloomberg News. The White House confirmed its authenticity Wednesday.
The rate on corporations would be set at 20 percent, down from the current 35 percent, and businesses would be allowed to immediately write off their capital spending for at least five years, three people familiar with the plan told Bloomberg News. Pass-through businesses would have their tax rate capped at 25 percent.
The tax plan will set out three tax brackets for individuals — 12 percent, 25 percent and 35 percent, down from the existing seven rates, which top out at 39.6 percent. But that’s not firmly set, as congressional tax-writing committees will be given flexibility to add a fourth rate for the highest earners — an effort to prevent the overhaul from providing too much of a benefit for the wealthy.
Congress members haven’t signaled that they’ll take that option. Key Republicans on the tax-writing Ways and Means Committee, including Chairman Kevin Brady, have said they’re committed to offering across-the-board tax relief. Trump has repeatedly said he’s focusing on middle-class individuals.
At the same time, though, the tax plan calls for repealing the alternative minimum tax, the estate tax and the generation-skipping estate tax, all of which would be a boon for higher earners and the wealthy.
In terms of middle-class benefits, the framework outlines a near doubling of the standard deduction — to $12,000 for individuals and $24,000 for married couples — and calls for “significantly increasing” the child tax credit from the current $1,000 per child under 17.
The tax plan will still lack extensive details about ways to offset its rate cuts with additional revenue. It says most itemized deductions for individuals should be eliminated, without providing specifics — while calling for mortgage interest and charitable giving deductions to be preserved.
However, the state and local tax deduction would be abolished. Ending that break, which tends to benefit high-income filers in Democratic states, would raise an estimated $1.3 trillion over a decade. The move faces some Republican headwinds from lawmakers in districts that use the deduction heavily.
There’s even more at Bloomberg if you want to continue reading.
Just fyi, Lindsey Graham likes it:
Great draft of a Tax Plan Mr. @POTUS.
— Lindsey Graham (@LindseyGrahamSC) September 27, 2017
Look forward to making it law.