President Trump's long-awaited and long-anticipated tax reform details are finally here! And they are, well, very lacking in details. However, the overview, a bullet point, one-page summary which looks something like an executive summary of a complex document does have a few numbers and guidelines.
Details include:
https://www.vox.com/2017/4/26/15438404/trump-tax-plan-april-mnuchin-cohn-changes
President Trump's tax plan details include items that would potentially be of most benefit to small domestic businesses, which currently pay close to a 35% tax rate, and attempt to penalize corporations that stash trillions of dollars worth of cash in various tax abodes by taxing holdings.
Overall, businesses and shareholders would benefit under the system, although for large corporations the effect of the changes would be more minimal.
For individuals, President Trump plans on simplifying the system by eliminating deductions and reducing the number of tax brackets. The elimination of the estate ("death") tax is also given priority. Overall, most individuals - and especially high-net-worth individuals - stand to benefit the most.
In-depth: analysis of Trump's plan https://www.nytimes.com/2017/04/25/us/politics/tax-plan-trump.html
Details include:
- a 15% corporate tax rate
- a territorial-based tax system
- a one-time tax on oversees cash stockpiles
- Eliminate special interests
- Simply individual tax code and repeal estate tax
https://www.vox.com/2017/4/26/15438404/trump-tax-plan-april-mnuchin-cohn-changes
President Trump's tax plan details include items that would potentially be of most benefit to small domestic businesses, which currently pay close to a 35% tax rate, and attempt to penalize corporations that stash trillions of dollars worth of cash in various tax abodes by taxing holdings.
Overall, businesses and shareholders would benefit under the system, although for large corporations the effect of the changes would be more minimal.
For individuals, President Trump plans on simplifying the system by eliminating deductions and reducing the number of tax brackets. The elimination of the estate ("death") tax is also given priority. Overall, most individuals - and especially high-net-worth individuals - stand to benefit the most.
In-depth: analysis of Trump's plan https://www.nytimes.com/2017/04/25/us/politics/tax-plan-trump.html
