Republican leadership in Congress and the Trump administration issued a plan for tax reform at the end of September. While the details are not set in stone, in broad strokes, the framework proposes:
Decrease the corporate tax rate from 35 percent to 20 percent
Tax pass-through businesses at a rate of 25 percent
Exempt foreign earning of U.S. corporations from taxation
Allow full expensing of investment (for at least five years)
Decrease the number of individual income tax rates from seven to three brackets, at 12 percent, 25 percent and 35 percent
Increase the standard deduction to $12,000 for individuals and $24,000 for couples
Increase the child tax credit
Eliminate personal exemptions
Eliminate most itemized deductions, including deductions for state and local taxes
Repeal the estate tax
Repeal the alternative minimum tax
According to the Tax Policy Center, the uni
