Not All Republican Senators Want the Mayorkas Impeachment to Go Away
Biden Buys Another Round of Votes in Defiance of the Supreme Court
House Dem Trots Out a New Russian Collusion Narrative
Boeing Announces Leadership Shakeup in Wake of Door Plug Failure
New Biden Video Attacks GOP Over Ukraine Aid but That's Not What People...
‘Morning Joe’ Demands More Billions from Communist GOP
WH Aides Instruct Biden to Ramp Up Attacks on Trump to Disguise His...
Why This Republican Governor Called for a State of Emergency In His State
Speculation Sparks After Biden Visits California: 'Does Gavin Need to Standby?'
Indiana Parents Say Their Child Was Removed From Their Home Over Preferred Pronoun...
Why Does Liz Cheney Still Insist on Trying to Tell House Republicans How...
Who Are the New KC Shooting Suspects?
Chairman Jim Jordan Shares What He Expects to Hear From James Biden
One Country's Military Is Taking Trans ‘Inclusion’ to a New Level
The Biden White House Is Not Happy With The New York Times Right...

BREAKING: President Trump's Tax 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 

-Job creation

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

-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-3.8 percent Obamacare tax on business investment income repealed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.

Join the conversation as a VIP Member


Trending on Townhall Videos