The Trump administration has released their framework for tax reform. Key points to note are:
The standard deduction would be almost doubled at $12,000 for individuals and $24,000 for married couples and eliminating most itemized deductions;
Reduction of tax brackets from seven to three, with those brackets being 12%, 25% and 35%
- Personal exemptions for deductions, but increasing the Child Tax Credit;
- The Individual Alternative Minimum;
- Death tax and generation-skipping transfer tax.
Limiting the maximum tax rate for most small businesses to 25%; and
Reduction of the corporate tax rate to 20%.
Want to know more about this framework? Details can be found by clicking this link.