The White House unveiled the President’s propsal for tax reform. We’ll be providing more analysis of the propsal and the tax reform debate in general, but for now wanted to be sure that you saw the proposal itself. We haven’t received a copy of the document yet, but we do have the photo of the one-page plan. As you’ll see, it is limited in details.
For business taxpayers, the proposal calls for:
For individual taxpayers, the proposal:
Please let us know if you have any questions, and be on the lookout for more details from us shortly.
For business taxpayers, the proposal calls for:
- 15 percent business tax rate
- Territorial tax system
- One-time tax on earnings held overseas
- Elimination of tax breaks for special interests
For individual taxpayers, the proposal:
- Reduces the 7 tax brackets to 3 tax brackets of 10%, 25%, and 35%
- Doubles the standard deduction
- Provides tax relief for families with child and dependent care expenses
- Protects home ownership and charitable gift tax deductions
- Repeals the Alternative Minimum Tax
- Repeals the estate tax
- Repeals the 3.8% Obamacare tax
Please let us know if you have any questions, and be on the lookout for more details from us shortly.
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