What’s Wrong With Trump’s ‘America First’ Tax Plan? Live Blog
On Sunday, President Donald Trump announced a sweeping tax overhaul that will reduce the corporate tax rate from 35 percent to 15 percent.
The plan includes a repeal of the estate tax, the estate and gift tax, and a repeal that would allow corporations to deduct expenses from their taxable income.
The tax reform also lowers the corporate rate from 20 percent to 20 percent, eliminating a deduction for the corporate income tax and lowering the corporate payroll tax rate.
While the Republican tax plan will benefit individuals and businesses, there are some key differences between the two proposals.
First, the Trump administration says the plan will boost the economy by $2 trillion over a decade.
Second, the proposal is largely aimed at helping the middle class, not just the wealthy.
Here’s what you need to know about the tax plan.