Trump Aims To Cut Tax Rates, Eliminate Deductions Used By Affluent Americans

Donald Trump is aiming to simplify the personal tax code by cutting rates and eliminating deductions used by more affluent Americans.

White House economic adviser Gary Cohn told a press conference at the White House that the plan would cut the top income tax rate from 39.6% to 35%. It also would reduce the number of personal income tax brackets to three from seven. The new tax rates would be 10%, 25% and 35%.

The plan would double the standard deduction for married couples to $24,000, while keeping deductions for charitable giving and mortgage interest payments. The plan would trim other deductions used by high-income Americans, including state and local tax payments.

It would also repeal the estate tax, the catch-all alternative minimum tax and the 3.8% tax on investment income from the Affordable Care Act.

(TheGuardian US)