Trump Proposes Tax Reform Consolidating And Lowering Income Brackets, Eliminating Many Deductions And Loopholes; Forecasted To Reduce Federal Tax Revenue By $2.4 Trillion

 In Budget and Taxes   Last Updated: October 29, 2017

On September 27, 2017 the Trump Administration announced a tax reform plan with the following key elements:

Taxpayers in the bottom 95 percent of the income distribution would see average after-tax incomes increase between 0.5 and 1.2 percent.  Taxpayers in the top 1 percent (incomes above $730,000), would receive about 50 percent of the total tax benefit; their after-tax income would increase an average of 8.5 percent.”

“Federal tax revenues are forecasted to decline by $2.4 trillion over the next 10 years.

 

 

"Highlights of the Unified Tax Reform Framework." Treasury.gov, 26 September 2017. Press Release. 29 October 2017.
Kimberly Amadeo. "Trump's Tax Plan and How It Would Affect You." the balance, 27 October 2017. Web. 29 October 2017.
TPC Staff. "A preliminary Analysis of the Unified Framework." Tax Policy Center. Urban Institute and Brookings Institution, 29 September 2017. 29 October 2017.
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