That would be a big hit to Californians and residents of other states with high taxes and high earners. The proposal also would eliminate the inheritance tax on multi-million-dollar estates and cut a 3.8% tax on investment income imposed as part of Obamacare. The alternative minimum tax increasingly forces upper-middle-class earners to pay more taxes because it doesn't adjust for inflation. It would also double the standard deduction, meaning married couples would not pay taxes on their first $24,000 in income. But most economists dispute that analysis, which could put Trump at odds with long-held Republican promises to trim the deficit.

Source: Los Angeles Times April 26, 2017 15:34 UTC