The New York Times on Wednesday obtained the Trump administration’s proposed tax framework that includes what would be the most sweeping changes to the tax code in decades. – READ MORE
Republicans will unveil sweeping changes to America’s tax code Wednesday in a proposal that dramatically lowers taxes on businesses and many households but remains silent on thorny issues such as how to pay for it all.
A joint product of the Trump administration and Republican leadership, the framework, obtained by CNBC, calls for lowering the corporate rate from 35 to 20 percent. It would also bring down the rate for so-called pass-through businesses to 25 percent; currently, they are taxed under the individual code.
The plan collapses the current seven personal tax brackets to just three: 12, 25 and 35 percent and nearly doubles the standard deduction. The child tax credit also would be substantially increased, though it is unclear by exactly how much. – READ MORE