The long-awaited tax plan of President Trump is released and, if approved, will have a huge impact.
The White House has released the Trump administration’s tax plan and it does include the elimination of the estate tax, according to The New York Times in “White House Proposes Slashing Tax Rates, Significantly Aiding Wealthy.”
The President’s plan has a long way to go, but if passed it would be one of the biggest tax cuts in history. Most experts agree that it includes large tax breaks for wealthy people, including eliminating the estate tax and the alternative minimum tax.
Income tax rates on the highest earners would be cut dramatically, as would corporate tax rates.
The proposal does not just cut the taxes of the richest. Some middle class and lower income earners would see tax decreases come from a doubling of the standard deduction.
The President’s tax plan has a long way to go before it is passed.
What was released was a one-page list of bullet points without any accompanying details. It will be up to Congress to determine the details of how to implement the plan.
Reference: New York Times (April 26, 2017) “White House Proposes Slashing Tax Rates, Significantly Aiding Wealthy.”
