Donald Trump (Tax Reform)

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Trump's Tax Reform (section page) agenda seeks to fulfill four goals: DTW-TR

  1. Tax relief for middle-class Americans
  2. Simplify the tax code
  3. Grow the American economy
  4. Don't add to Debt or Deficit

Personal

  • An individual filing single that has earned less than $25,000 will not pay any income tax. DTW-TR
  • An individual filing head of household that has earned less than $37,500 will not pay any income tax. DTW-TR
  • Couple married filing jointly that have earned less than $50,000 will not pay any income tax. DTW-TR
  • Eliminate the marriage penalty DTW-TR
  • Eliminate Alternative Minimum Tax DTW-TR
Trump Tax Brackets and Rates DTW-TR
Income Tax Rate Long Term Cap Gains/ Dividends Rate Single Filers Married Filers Heads of Household
0% 0% $0 - $25,000 $0 - $50,000 $0 - $37,500
10% 0% $25,001 - $50,000 $50,001 - $100,000 $37,501 - $75,000
20% 15% $50,001 - $150,000 $100,001 - $300,000 $75,001 - $225,000
25% 20% $150,001+ $300,001+ $225,001+

Corporate

  • Corporate tax rate reduced to 15%, regardless of business size. DTW-TR Current rate hovers ~39.1%[1]
  • Companies are required to bring their funds back from overseas accounts and pay a 10% tax on those funds. Funds used for overseas operating activities are exempt. DTW-TR

Funding for Tax Cuts

Trump pledges to propose alternative ways to keep revenue stable whilst reducing taxes. DTW-TR

  • Eliminate loopholes and deductions for the very rich. Steepening the curve of the Personal Exemption Phaseout and the Pease Limitation on itemized deductions.DTW-TR
  • 10% repatriation tax for corporate funds located overseas. DTW-TR
  • End the deferral of taxes on corporate income earned abroad. DTW-TR
  • Phase in a "reasonable cap" on the deductibility of business interest expenses. DTW-TR