04-27-2017, 10:05 AM
So basically they would go from 7 tax brackets to 3: 35%, 25%, and 10% (although they don't say what income levels trigger each bracket)... eliminates Alt Min and Death Tax, cuts Corp Tax rate to 15%... doubles the standard deduction, which would reduce taxes (or increase your tax return) by a lot... not sure if this tax plan keeps the mortgage interest deduction as I've read differing accounts.
It's definitely a step in the right direction. I'm pretty sure I'd be in the 10% category, especially with the doubling of the standard deduction to $24,000 for AGI.
I'd support this. Not my ideal tax plan, but shit I'd go for this in a heartbeat.