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