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.