"It is now time for all members of Congress — Democrat, Republican and Independent — to support pro-American tax reform. It’s time for Congress to provide a level playing field for our workers, to bring American companies back home, to attract new companies and businesses to our country, and to put more money into the pockets of everyday hardworking people"
- President Donald Trump
Wednesday was the big day for the unveiling of the Republican tax plan.
The original outline of the plan, released previously, was a one-page blueprint for tax reform. The plan presented Wednesday isn't the whole ball of wax -- but it was a modestly comprehensive, nine-page spiel.
It's still light on details in places, but the high points are pretty clear.
Here's what we do know...
Personal Taxes:
- 3 brackets from 7
- Rates
- 12 percent
- 25 percent
- 35 percent
- Standard personal deduction would jump from:
- $6,350 to $12,000
- $12,700 to $24,000
- Elimination of the marriage penalty / alternative minimum tax
- Eliminates all deductions except:
- Mortgage interest
- Charitable donations
- Ends the estate (AKA death) tax
Business Taxes:
- Flat corporate rate: 20 percent
- Business owner pass through rate: 25 percent
- One-time repatriation tax for overseas business profits
Unclear:
- Expansion of:
- Existing child tax credits
- New senior tax credit
- What business deductions would still be allowed
- Income thresholds for the personal tax brackets
- The terms of the repatriation tax
Wanna grasp on the complete, released tax reform plan? Click here!