TAX REFORM FACT SHEET
October 8, 2020 - Douglas Myser
Tax reform fact sheet. In looking at tax reform, the White House has proposed radical changes to the tax code which include both individual and business tax reform. This proposal would eliminate the estate tax and the alternative minimum tax. Corporations would not have to pay taxes on their foreign profits and would be able to take advantage of a special, one time opportunity to bring back cash into the U.S. that is currently retained overseas. While the next days and months will see significant discussion and changes to the initial proposal this is the first effort at tax reform put forward by the Administration. Tax reform fact sheet.
The goals of tax reform include, to grow the economy and create millions of new jobs. Simplify our burdensome tax code and provide tax relief to American families, especially middle income families. Lower the business tax rate from one of the highest in the world to one of the lowest. The tax relief for American families includes reducing the 7 tax brackets to 3 tax brackets of 10%, 25%, and 35%. Doubling the standard deduction and providing tax relief for families with child and dependent care expenses.
Tax reform also includes simplification by eliminating targeted tax breaks that mainly benefit the wealthiest taxpayers. Protect the home ownership and charitable gift tax deductions. Repeal the Alternative Minimum Tax. Repeal the death tax. repeal the 3.% Obamacare tax that hits small businesses and investment income. It also includes business tax reform by lowering the business tax rate to 15%. It includes a territorial tax system to level the playing field for American companies, and has a one time tax on trillions of dollars held overseas. Eliminate the the tax breaks for special interests.
The Office of Management and Budget released President Trump's proposed FY 2018 budget for the federal government on May 23rd. Included is a proposal to authorize the IRS to regulate all paid tax return preparers. This was done because a federal court in 2013 struck down an attempt by the IRS to regulate unenrolled tax return preparers. Tax reform fact sheet.
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