Trump unveils blueprint for major tax reforms

American companies would not be charged taxes here in America for portions of their business that are completely contained in foreign countries.

The top rate for all American businesses under the Trump tax plan will drop to 15 percent under the proposal.

Miscellaneous expenses: If an expense on the Internal Revenue Service's list, including tax preparation fees and unreimbursed employee expenses, accounts for more than 2% of a filers gross income, it can be deducted.

Administration officials intend to finalize details with members of the House and Senate in the coming weeks for what would be the first massive rewrite of the USA tax code since 1986.

"It's not tax reform", one senior GOP aide told CNN.

Meanwhile, Trump's plan would cut the top corporate income tax rate from 35 percent to 15 percent.

At the same time, Trump is proposing a reduction in the top rate on ordinary income to 35% from 39.6%.

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The Trump administration would double the standard deduction, essentially eliminating taxes on the first $24,000 of a couple's earnings.

"These corporate tax cuts go directly to those points to make better rewards and incentives and make it easier to build a business for ten years", said Mr. Kudlow, who helped to shape The Trump Campaign economic plan. Without greater detail from the White House, that's impossible to verify. Their taxes will be slashed from 35% to 15%, for corporations and "mom and pop" businesses. "This is about creating economic effect for small and medium-sized businesses and making sure they have the same opportunities as large corporations".

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Pass-throughs run the gamut from mom-and-pop shops to big law firms to hedge funds. The "objective is simplifying personal taxes".

Switch to a territorial tax system: Today, U.S. companies must pay tax on all their profits, regardless of where in the world those profits are earned.

Mnuchin said no tax rate has been set yet on the repatriated money earned by USA companies overseas, but that he is working with lawmakers to determine what it should be. The President and Congress are still negotiating on exactly which tax breaks for special interests will be eliminated.

U.S. Treasury Secretary Steven Mnuchin (L) speaks during a panel on "Prospects for Tax Reform" at the Newseum, in Washington D.C., capital of the United States, April 26, 2017. That means that if you live in one of those states when you die, your beneficiaries will likely owe a tax on what you leave them.

The White House unveiled the principles of its still-to-be-finished tax plan on Wednesday.

On the surface, it seems like Trump's tax reform plan would be a home run. There is also talk of a child care credit that would be structured to benefit lower-income families.

It also omits much of the work that Ryan and other Republicans have done to craft a comprehensive plan.

The contributions would be tax deductible, then grow tax free.

"I can't support it if it eliminates the property tax and state income tax deductions", Congressman Peter King of NY told AFP. It also cuts down the number of income tax brackets to three and gets rid of the estate tax.

"We're committed to keeping charitable deductions and mortgage interest but everything else is on the table and this is about tax simplification".

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