What we know about President Trump’s tax plan

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President Trump is to announce his tax plan Wednesday. Here is what we know in advance.


• The package reportedly will increase the standard deduction for individuals. The New York Times said the measure would provide “a modest cut for middle-income people” while the Washington Post said it would put “thousands of dollars each year into the pockets of tens of millions of Americans.” Home builders and real estate agents oppose the proposal, fearing it would diminish the importance of the mortgage interest deduction. It also could lead to eliminating or curbing other popular deductions, the Times said.

•  The plan will include a vastly reduced business tax rate of 15 percent, compared to the current 35 percent, for corporations. It will also apply to companies that now pay taxes through the personal income tax code – from mom-and-pop businesses to Trump’s own real estate empire – which currently face a top rate of 39.6 percent.





The Associated Press, without providing specifics, says the plan will include child-care benefits.

• The plan does not yet spell out specific steps on how the cuts will be made up.

• It does not include the import tax, known as the boarder adjustment tax, supported by House Speaker Paul Ryan and other Republicans as a way to pay for other tax cuts.






















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1 Philadelphia

Philadelphia News & Search

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