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The following are some of the things you should know.
The objective of the plan is to provide economic growth, grow the GDP to 3%, and create jobs.
Personal Tax Reform
- Repeal the AMT from individuals.
- Eliminates the death tax.
- Eliminates all tax deductions, excluding mortgage and charitable deductions.
- Zero income tax on a couple’s first $24,000 of income.
- Change the current 7 tax brackets to 3 brackets at 10%, 25%, and 35%.
- Eliminates the marriage penalty.
Know income limits where attached to the new brackets as of yet.
Business Tax Reform
- All types of businesses large or small will qualify for the business tax rate.
- Lower business tax rate from 35% to 15%.
- One-time tax on corporate earnings held overseas.
- One-time tax on overseas profits.
- 8% Obama care tax on business investment income repealed.
We will need to stay tuned to see how this all shakes out.
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