Reform Plan Introduced, Here's What You Need to Know

Katie Pavlich

President Trump's tax reform package was officially introduced Wednesday by Treasury Secretary Steve Mnuchin and National Economic Council Gary Cohn. The proposal is headed to Capitol Hill for consideration and the administration plans to meet with a number of stakeholders at the White House for listening sessions on the proposal.

"The President is determined to unleash economic growth for businesses. This is not just about big corporations," Mnuchin said from the briefing room.

Here is what we know.


-Economic growth, getting to three percent GDP within the year after implementation

-Job creation

Personal/Individual tax reform:

-Repeals the Alternative Minimum Tax for individuals smile

-Eliminates the death tax smile

-Eliminates all tax deductions, excluding the mortgages and charitable deductions smile frown get rid of those too, not governments business.

-Zero tax rate for the first $24,000 a couple earns smile

-Three tax brackets (previously seven): 10, 25 and 35 percent

-Marriage penalty elimination smile

Business tax reform:

-Small, medium and large businesses qualify for the business rate smile

-Lowers business rate from 35 percent to 15 percent smile

-One-time tax on corporate earnings held overseas frown

-One time tax on overseas profits frown

-3.8 percent Obamacare tax on business investment income repealed smile

This is a developing story, stay tuned for more information.

This post has been updated with additional information.