wants to simplify tax brackets: 10%, 25% and 35%.
- The First $24K for a couple is exempt from taxes.
- We are going to eliminate the “Death Tax”, no gradual phase out, and repeal standard minimum tax. According to CNN, “Standard Tax Deduction will be Doubled.”
- According to CNN, “Will Reduce number of tax brackets from 7 to 3.”
- Steve Mnuchin, Treasury Secretary, says, “Massive tax cut for businesses.”
- Standard Tax Deduction will be doubled.
- Eliminate most deductions for individuals except, “Mortgage Interest” and “Charitable Deductions.”
- Will reduce debt/GDP.
- According to CNN, Estimated Lost Revenue $4 Trillion. Would be revenue neutral if there’s at least 3% GDP or more.
- According to CNBC, German PM, Angela Merkel, and British PM, Theresa May considering Tax Cuts, too.