Trump Calls for Deep Cuts in Business Taxes, Changes for Individuals

[WestVirginiaRebel]

Wall Street Journal

President Donald Trump called for deep reductions in business tax rates and major changes to the individual tax system in a bid to reinvigorate his economic and legislative agenda as he nears the 100-day mark of his presidency.

The plan largely hews to tax-cut proposals Mr. Trump made during his presidential campaign last year, but it includes several crucial changes.

Most notably, the GOP president is proposing to repeal a provision of the tax code that allows individuals to deduct the state and local taxes they pay from their reportable income. That will hurt residents of high-tax states such as New York, New Jersey and California and spur objections from some Republican lawmakers in those states.

 

Mr. Trump is also proposing a 35% top tax rate for individuals, down from the current 39.6% rate but above the 33% rate he backed during the campaign. Lower brackets would be set at 10% and 25%. The standard deduction for all individuals would be doubled, but all other deductions—except for mortgage interest and charitable contributions—would be eliminated.

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