After a Year, Trump's Tax Plan Still Struggles to Fill in the Blanks
Tax reform was a key issue during the 2016 presidential election, and during his campaign, Donald Trump's tax plan inspired considerable debate. A full year after that initial proposal, the White House is still struggling to address tax reform in a comprehensive manner. Later today, the president will present the latest framework on the current version of his tax plan, but despite having had so long to work on the proposal, most expect several key questions to go unanswered.
The White House discussed the tax plan during the first few months of the Trump presidency, and specific tax provisions had changed since the campaign. Changes to the tax bracket structure had reduced the lowest rate and raised the highest rate under the three-bracket system, and although the proposal doubled the standard deduction, that amount was still a bit less than what the pre-election tax plan had stated. Yet key components remained, including eliminating the estate tax and the Alternative Minimum Tax while providing for corporations to repatriate overseas profits at a preferential tax rate. Corporate taxes would fall to 15%, and pass-through business entities like partnerships would qualify for this lower rate as well.
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Source: Fool.com
