In the beginning of 2017, two major comprehensive tax reform plans were being discussed: President Trump’s plan and the plan put forward by the House Ways and Means Committee, commonly referred to as the “Blueprint.”
On September 27, 2017, the Trump administration released the Unified Tax Reform Framework. According to the Framework, the corporate tax rate will be lowered from 35% to 20%. Trump is also going to reduce the income tax for middle-income families. He asked for a one-time repatriation of corporate profits earned overseas. The president notes that the tax reform will give families and businesses more money to spend, which will contribute to the economic growth.
The Tax Reform Framework is based on plans Trump outlined in his first 100 days. All the plans released are similar to the “Five-Part Tax Plan” outlined by Trump during his 2016 presidential campaign.
It’s interesting to note that a September poll from The Wall Street Journal shows that 57% of Americans favor a tax cut for small businesses, which is higher than the 40% of respondents who said their own families ought to get a tax cut.
The Republican proposal imposes a limit on the maximum tax rate applied to the business income of small and family-owned businesses conducted as sole proprietorship’s, partnerships, and S-corporations to 25%. Republicans have proposed the following 3 tax brackets for regular income: 12%, 25%, and 35%.
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