President Trump has unveiled a tax reform outline -the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for dramatic tax cuts and simplification: lower individual tax rates under a three-bracket structure, doubling the standard deduction, and more than halving the corporate tax rate; along with changing the tax treatment of pass-throughs, expanding child and dependent incentives, and more. Both the alternative minimum tax and the federal estate tax would be eliminated. The White House proposal does not include spending and tax incentives for infrastructure; nor a controversial “border tax.” According to White House officials, the President’s proposals set out broad principles with specifics to be hammered-out in coming weeks. This Briefing presents a high-level overview of the President’s proposals.
