Donald trump introduces biggest tax reform plan in US history
US President Donald Trump on Wednesday unveiled one of the biggest tax cuts in American history, through drastically reducing tax rates both in the business and individual categories, fulfilling one of its major election promises.
It proposed tax relief for families with child and dependent care expenses. For individuals, the Trump administration proposes to reduce the existing seven tax brackets to three tax brackets of 10 per cent, 25 per cent and 35 per cent; doubling the standard deduction and provide tax relief for families with child and dependent care expenses.
National Economic Council Chair Gary Cohn and Treasury Secretary Steve Mnuchin unveiled the broad outlines of President Donald Trump's tax reform plan.
Trump's tax plan would also double the standard deduction for married couples to $24,000 and repeal the estate tax. Trump tax plan cuts top income tax rate from 39.6 to 35 per cent, doubles the amount taxpayers can deduct.
Throughout the month of May, the Trump administration will hold listening sessions with stakeholders to receive their input and will continue working with the House and Senate to develop the details of a plan that provides massive tax relief, creates jobs and makes America more competitive and can pass both chambers.
OneIndia News (with PTI inputs)