The House GOP plan looks very similar to President Trump’s original proposal, albeit with a few minor changes. The three tax brackets proposed in Trump’s plan remain, but the GOP’s plan additionally retains the current 39.6% bracket for higher earners. The GOP plan, like Trump’s plan, gets rid of the Alternative Minimum Tax and reduces the corporate tax rate from 35% to 20%. In an effort to help the average taxpayers with their returns, standard deductions have been increased while many special deductions disappear. This framework will probably change in the upcoming months, but it provides some insight into what Republicans will eventually put forward.
See David H. Lenok, House GOP Tax Plan Explained, Wealth Management.com, November 2, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
