5 things to know about Trump's tax planCheck The Source Here:https://goo.gl/0DQEGpPatriotT-Shrits: http://goo.gl/XgtvW8 Donate Here: https://goo.gl/IIMAA5 Though it broke little new ground, President Donald Trump's tax reform outline underscores just how arduous a task overhauling the tax code could be for Republicans this year. Treasury Secretary Steven Mnuchin and Gary Cohn, the director of the National Economic Council, handed out a one-page overview of the plan Wednesday — and told reporters that the administration had to fill in many of the key details that make overhauling the tax code so difficult that it’s happened only a handful of times over the last century.Here are five things to know about the newest version of Trump’s tax plan: What’s in it?Trump released a couple tax plans during the campaign, with the most recent coming around seven months ago. Many of the details released Wednesday haven’t changed since that September plan, including proposals to cut the top tax rate for all businesses to 15 percent and to repeal the estate tax and alternative minimum tax. But some changes have been made, including a couple major ones. Trump now proposes a so-called territorial tax system that shields offshore corporate income from U.S. taxation, a key priority for corporate America. The top tax rate on individuals is also slightly higher than in Trump’s last plan, moving to 35 percent from 33 percent, while tax incentives like the deduction for state and local taxes would get the ax. And the Trump team seeks to double the standard deduction claimed by most taxpayers, which is still smaller than what the campaign sought in September. Read the entire story in Source, link in description.
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