By Michelle Moons
WASHINGTON, D.C. — Details of the Trump Administration tax reform plans began trickling out Wednesday, revealing plans to massively simplify the tax system, adjust tax rates for individuals and businesses, and eliminate several taxes including the AMT, inheritance, and specific Obamacare taxes.
During the 1:30 p.m. White House press briefing, a document was provided to journalists with the following Trump Administration tax reform framework:
2017 Tax Reform for Economic Growth and American Jobs
The Biggest Individual and Business Tax Cut In American History
Goals For Tax Reform
- Grow the economy and create millions of jobs
- Simplify our burdensome tax code
- Provide tax relief to American families—especially middle-income families
- Lower the business tax rate from one of the highest in the world to one of the lowest
- Tax relief for American families, especially middle-income families:
- Reducing the 7 tax brackets to 3 tax brackets of 10%, 25% and 35%
- Doubling the standard deduction
- Providing tax relief for families with child and dependent care expenses
- Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers
- Protect the home ownership and charitable gift tax deductions
- Repeal the Alternative Minimum Tax
- Repeal the death tax
- Repeal the 3.8% Obamacare tax that hits small businesses and investment income
- 15% business tax rate
- Territorial tax system to level the playing field for American companies
- One-time tax on trillions of dollars held overseas
- Eliminate tax breaks for special interests
- Throughout the month of May, the Trump Administration will hold listening sessions with stakeholders to receive their input and will continue working with the House and Senate to develop the details of a plan that provides massive tax relief, creates jobs, and makes America more competitive—and can pass both chambers.
In a Monday interview with Breitbart News, Rep. Roger Williams referenced his own tax plan, which calls for elimination of the inheritance “death” tax. Williams also emphasized the importance of cutting tax rates and possibly using repatriation to help pay for the cuts. Williams also heavily emphasized the importance of letting Main Street America run with the tax cuts and put government to task, cutting back on massive federal government spending.
This story is developing.