Rand Paul Corners Blinken on Failure to Hand Over COVID Funding Records
There Is No Hope for the Regime Media
Why a Denver School Shooting Is About to be Smothered by the Liberal...
Why Are Trump’s Keyboard Warriors Attacking Conservatives?
Questions Without Answers About Ukraine
‘Climate Change’ Now Top Priority for US Navy
How Banning Chinese Products Could Backfire for the U.S.
Honoring America’s Heroes Is Last Bastion of Bipartisanship
NBA Great Willis Reed - A Gentle Giant and Friend
The Trump-DeSantis Primary Fight Begins
Iran’s Future, Democracy and Representative Government
Is There Merit in Meritocracy?
The Inflation Reduction Act is Deflating America's Small Biotech Companies
The Altars of Sexuality and Climate

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-3.8 percent Obamacare tax on business investment income repealed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 Video