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Trump Administration releases ‘core principles’ of tax reform

Joe Mont | April 26, 2017

Stressing that it is a “first draft” and a list of core principles that will inform necessary legislation, officials on Wednesday released a long-awaited overview of the Trump Administration’s tax plan.

The plan, in its current form, is a one-page hand-out that itemizes several of President Donald J. Trump’s campaign promises. Among the bullet points:

  • Reducing the corporate tax rate to 15 percent.
  • Eliminating the estate tax.
  • Creating a one-time tax on repatriated company assets (the tax rate for those arrangements has not yet been announced).
  • In a bid to attract international business, shifting the U.S. to a “territorial” tax system where companies only pay U.S. taxes on domestic profits.
  • Repealing the 3.8 percent Obamacare tax on corporations.
  • A reduction to three personal tax brackets (10 percent, 25 percent and 35 percent) from the existing seven.
  • Doubling the standard deduction.
  • Eliminating the...
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