It’s A Step in the Right Direction

NewImage

Treasury Secretary Steve Mnuchin has unveiled one of the biggest tax cuts in U.S. history this afternoon. The key figures:

• The business tax rate will be lowered from 35% to 15%, taking the U.S. from one of the highest corporate tax rates in the developed world to one of the lowest.

• The top rate for “S corporations,” small organizations that currently file returns under the individual tax code, would fall from 39.6% to 15%.

• End to double taxation on overseas profits.

• A one-time tax on overseas profits coming back to the U.S.

• Individual income tax rates will be reduced to 3 brackets, 10%, 25%, and 35%.

• The standard deduction will double to $12,600 per person.

• A married couple will not pay taxes on the first $24,000 of income.

• All deductions other than charity and mortgage interest will be eliminated.

• Eliminate 3.8% Obamacare Tax.

• Reduce tax on capital gains and dividends back to pre-Obama rates.

• Repeal “Death Tax” on inheritances.

Via USA Today

Right-Mind