On September 27, 2017, President Trump and the Republicans leaders presented a tax plan that included sharp cuts in tax rates to both corporations and individuals. Under the Trump tax plan, the corporate tax rate would fall to 20% from 35% as well as reduce taxes on business pass-through income to 25%. The tax plan would also allow immediate write-offs of business investment, preserve tax breaks for research and low-income housing, while also limiting deductions for interest. The tax plan also provides corporations with a one-time tax on stored foreign profits and would allow the tax-free repatriation of foreign income. The proposed tax plan would also repeal the estate tax and the alternative minimum tax. With respect to individuals, the Republication tax plan proposed would collapse seven individual income tax brackets into three and the top rate on individuals could drop to 35% from 39.6%.
Click here to read the full article on Forbes.com!