White House Proposes Slashing Tax Rates

President Trump “proposed sharp reductions in both individual and corporate income tax rates, reducing the number of individual income tax brackets to three — 10%, 25% and 35% — and easing the tax burden on most Americans, including the rich,” the New York Times reports.

“The Trump administration would double the standard deduction, essentially eliminating taxes on the first $24,000 of a couple’s earnings. It also called for the elimination of most itemized tax deductions but would leave in place the popular deductions for mortgage interest and charitable contributions. The estate tax and the alternative minimum tax, which Mr. Trump has railed against for years, would be repealed under his plan.”

Washington Post: “The proposal is an outline – key details are left unfinished – but it presents an initial offer to begin negotiations with lawmakers, as White House officials believe reworking the tax code is one of their biggest priorities to boost economic growth.”