Proposed Tax Plan from President-Elect Trump

Proposed Tax Plan from President-Elect Trump

• Tax brackets reduced to three: 12%, 25% and 33%.
• Elimination of:
• Alternative Minimum Tax
• Head of Household filing status
• Net Investment Income Tax
• Personal Exemptions
• Estate Tax

• Business tax rate lowered to 15%.
• Cap on itemized deductions at $100,000 for single filers and $200,000 for married filing joint. 
• Standard deduction $15,000 for single filers and $30,000 for married filing joint. 
• Low-income families get a credit up to $1,200 a year for child-care costs. 
• Close the "carried interest" exemption. Essentially, it allows big money managers to count earnings as capital gains instead of ordinary income. 
• Carried interest would be taxed at ordinary tax rates instead of capital gains rates.