Gary Cohn, White House Economic Adviser

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.

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