Donald Trump is aiming to simplify the personal tax code by cutting rates and eliminating deductions used by more affluent Americans.
White House economic adviser Gary Cohn told a press conference at the White House that the plan would cut the top income tax rate from 39.6% to 35%. It also would reduce the number of personal income tax brackets to three from seven. The new tax rates would be 10%, 25% and 35%.
The plan would double the standard deduction for married couples to $24,000, while keeping deductions for charitable giving and mortgage interest payments. The plan would trim other deductions used by high-income Americans, including state and local tax payments.
It would also repeal the estate tax, the catch-all alternative minimum tax and the 3.8% tax on investment income from the Affordable Care Act.
(TheGuardian US)
