Trump Administration Proposes 'Massive' Tax Overhaul And Tax Cut Plan
The Trump administration Wednesday put forth a proposal that it labeled a "massive" tax overhaul, that would give big tax cuts to individuals and corporations, and reduce the number of tax brackets and deductions.
Outlined at a White House press briefing by Treasury Secretary Steven Mnuchin and Gary Cohn, director of the president's National Economic Council, it would reduce the number of individual tax brackets to three, as well as eliminate most tax deductions, other than for home mortgages and charitable contributions.
It would double the standard deduction individuals can take, and proposes cutting the corporate tax rate from 35 percent to 15 percent.
Administration officials acknowledge the plan is a broad brush outline, with specific details yet to be determined. - Read More, NPR