Reform Plan Introduced, Here's What You Need to Know
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
Personal/Individual tax reform:
-Repeals the Alternative Minimum Tax for individuals
-Eliminates the death tax
-Eliminates all tax deductions, excluding the mortgages and charitable deductions get rid of those too, not governments business.
-Zero tax rate for the first $24,000 a couple earns
-Three tax brackets (previously seven): 10, 25 and 35 percent
-Marriage penalty elimination
Business tax reform:
-Small, medium and large businesses qualify for the business rate
-Lowers business rate from 35 percent to 15 percent
-One-time tax on corporate earnings held overseas
-One time tax on overseas profits
-3.8 percent Obamacare tax on business investment income repealed
This is a developing story, stay tuned for more information.
This post has been updated with additional information.