Today, Trump’s treasury Secretary Steve Mnuchin unveiled the new Trump tax plan. He said that the objective of the tax plan is to make U.S. Businesses “the most competitive in the world.”
Sounds good, right? Well, here’s how they plan to do it:
-Eliminate the Alternative Minimum Tax & Obamacare Tax
-Cut the number of tax brackets from 7 to 3. The new brackets would be 10%, 25% & 35%
-Reduce the corporate tax rate from 35% to 15%
-Double the standard deduction
-Eliminate most deductions, but don’t worry the mortgage interest deduction is here to stay.
-Repeal the Estate Tax aka “Death Tax”
What do you think of the Trump Tax plan? Let us know in the comments.