BREAKING: Trump tax reform to cut rates, raise standard deduction
Treasury Secretary
Trump would cut the top rate from 39.6 percent to 35 percent, and he would reduce the number of personal income tax brackets from seven to just three -- 10 percent, 25 percent and 35 percent.
House and Senate Republican leaders offered guarded praise of the plan, and the
"Trump's latest proposal is another gift to corporations and billionaires like himself," said
"We have a rigged economy designed to benefit the wealthiest Americans and large corporations," Sanders said on Twitter. "Trump's tax plan would make that system worse.
With powerful interests lining up against Trump's proposal, observers like
"Wake me when something actually gets signed into law," McBride said.
Trump proposed a similar tax plan during his campaign. Analyses of that proposal estimated it would add trillions of dollars to the deficit over 10 years.
Mnuchin told reporters at a
Trump proposes slashing the corporate tax rate from 35 percent to 15 percent and ending the estate tax, long derided as a "death tax" imposed on wealthy Americans.
The plan also ends the catch-all alternative minimum tax on affluent taxpayers and kills the 3.8 percent tax on investment income from President
In one contentious part of his plan, Trump would double the standard deduction for married couples to
However, in an era of rock-bottom interest rates, relatively few homeowners pay enough mortgage interest to gain a significant benefit from the mortgage-interest deduction.
Say you bought a
"Current homeowners could very well see their home's value plummet and their equity evaporate if tax reform nullifies or eliminates the tax incentives they depend upon, while prospective homebuyers will see that dream pushed further out of reach,"
While it's unclear whether such a dire scenario really would play out in the housing market, the 1.2 million-member association is a powerful lobby, and advocates for homebuilders and mortgage lenders typically echo NAR's position on mortgage-related tax policy.
Meanwhile, tax historians were left to wonder if Trump's plan really would be the largest in
And
The Associated Press contributed to this story.
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