Tax – President Trump Releases Outline of Tax Reform Plan

On April 26, President Trump released a one page outline of his tax reform plan that is billed as “The biggest individual and business tax cut in American History.” Individual reform includes reducing the number of tax brackets, doubling the standard deduction, and providing tax relief for families with child and dependent care expenses. The proposals for corporate tax reform are to lower the top rate to 15%, institute a territorial tax system, provide for a one-time tax on corporate profits held overseas, and to eliminate tax breaks for special interests. The plan also notes that the Trump administration will hold listening sessions with stakeholders throughout the month of May to receive their input and will continue working with the House and Senate to develop the details of a plan. The nonpartisan Committee for a Responsible Federal Budget estimates that the plan will add $3 to $7 trillion to the nation’s deficits and debt over 10 years. Read The Arc’s blog post for more information.

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