As for individuals, Trump wants to pare down the current seven tax brackets, which now are in tiers ranging from 10 percent to 39.6 percent.
"It's been more than three decades since we've reformed our tax code".
The White House is leaving numerous details of the plan to the tax-writing committees in Congress.
The president said Wednesday in IN that he wants to cut taxes for middle-class families to make the system simpler and fairer. If lawmakers and the White House can eventually agree on a spending plan for the government during the new fiscal year, details of that budget also would influence the tax reform program.
The plan would simplify the tax system, cut taxes for individuals and corporations and almost double the standard deduction for individuals and families. The plan also proposes a one-time tax on the foreign earnings of US companies. The plan says charitable giving and mortgage interest deductions would be preserved.
"I think there is very little benefit for the rich", said Trump, who declined to announce his tax returns, unlike many of his predecessors at the White House.
Republicans are divided over the potential elimination of some of the deductions, underscoring the difficulty of overhauling the tax code even with GOP control of the House and Senate.
"The Republican tax framework is a multi-trillion dollar giveaway to billionaires and big corporations at the expense of working Minnesotans and Americans".
-U.S. -based worldwide corporations.
"With one of the top business climates in the nation, Indiana's economic environment stands in stark contrast to the dysfunction of federal tax policy and job-killing regulations". The AMT raised the USA government about $38 billion in 2017.
What that means: The top rate is, indeed, dropping from 39.6 percent to 25 percent.
"We're eliminating most itemized deductions that primarily benefit the wealthiest taxpayers".
The average top corporate tax rate worldwide is 22.5 percent. The committees will be given the flexibility to add a fourth rate above the 35 percent on wealthy taxpayers. Trump is expected to speak about the plan on Wednesday afternoon. This ability would only last five years, and there will be limitations on deductions, but the number is still unknown.
"So much better", Trump said. Two different tax rates will be applied: one for cash and cash equivalents, and another, lower rate for illiquid assets. The income levels at which the three brackets would apply were not specified. It's simpler, flatter and fairer than the current tax code.