The Trump administration unveiled a tax plan proposal today that would make significant reforms to the country’s tax code.
Treasury Secretary Steve Mnuchin described it as the “biggest tax cut and the largest tax reform in the history of our country.”
Key points of the plan include:
- The Alternative Minimum Tax for individuals would be repealed.
- The income tax system would be compressed into three brackets: 10 percent, 25 percent and 35 percent; the current top rate is 39.6 percent.
- The corporate tax rate would go from 35% to 15%.
- The current standard deduction would rise from $6,300 to $12,600 for individuals rise from $12,600 to roughly $24,000 for married couples filing jointly.
- All tax deductions aside from mortgage interest and charitable tax deductions would be eliminated.