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Wednesday, April 26, 2017

BREAKING: President Trump's Tax Reform Plan Introduced, Here's What You Need to Know

Katie Pavlich

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. 


-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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