President Trump's tax reform package was officially introduced Wednesday by Treasury Secretary Steve Mnuchin and National Economic Council Gary Cohn. Here is what we know.
Objectives:
-Economic growth, getting to three percent GDP within the year after implementation
-Job creation
Personal/Individual tax reform:
-Repeals the Alternative Minimum Tax for individuals
-Eliminates the death tax
-Eliminates all tax deductions, excluding the mortgages and charitable deductions
-Zero tax rate for the first $24,000 a couple earns
-Three tax brackets: 10, 25 and 35 percent
Business tax reform:
-Small, medium and large businesses qualify for the business rate
-Lowers business rate from 35 percent to 15 percent
-One-time tax on corporate earnings held overseas
-One time tax on overseas profits
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