Just Released: Memo Outlining Trump’s 2017 Tax Reform for Economic Growth and American Jobs
At a press conference April 26, 2017 the White House announced President Trump’s Tax Reform Plan. A one-page memo titled 2017 Tax Reform for Economic Growth and American Jobs includes a bulleted outline of this reform; the exact text from this document appears below. The document may be viewed on the Journal of Accountancy’s website.
Comments on the announcement from Gary Cohn, the chief economic advisor to President Trump and Director of the National Economic Council may be found on the White House blog.
BDO’s insights may be found here.
2017 Tax Reform for Economic Growth and American Jobs
The Biggest Individual And Business Tax Cut in American History
Goals For Tax Reform
- Grow the economy and create millions of jobs
- Simplify our burdensome tax code
- Provide tax relief to American families—especially middle-income families
- Lower the business tax rate from one of the highest in the world to one of the lowest
- Tax relief for American families, especially middle-income families:
- Reducing the 7 tax brackets to 3 tax brackets of 10%, 25% and 35%
- Doubling the standard deduction
- Providing tax relief for families with child and dependent care expenses
- Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers
- Protect the home ownership and charitable gift tax deductions
- Repeal the Alternative Minimum Tax
- Repeal the death tax
- Repeal the 3.8% Obamacare tax that hits small businesses and investment income
- 15% business tax rate
- Territorial tax system to level the playing field for American companies
- One-time tax on trillions of dollars held overseas
- Eliminate tax breaks for special interests
Throughout the month of May, the Trump Administration will hold listening sessions with stakeholders to receive their input and will continue working with the House and Senate to develop the details of a plan that provides massive tax relief, creates jobs, and makes America more competitive—and can pass both chambers.