He wants to replace the seven income tax brackets with three new ones, cut the corporate tax rate by more than 50 percent, abolish the alternative-minimum tax and estate tax, and create new incentives to simplify filing returns. But the White House stopped short of answering key questions that could decide the plan’s fate. “This is about economic growth, job creation, America first, and that’s what [Trump] cares about,” White House National Economic Council Director Gary Cohn said. “Our tax plan is a big leg of that stool. [Trump’s tax proposal: How his plan could affect you]Trump’s proposal includes major changes to both of the major elements of the tax code, the individual side and the business side.

Source: Washington Post April 26, 2017 17:23 UTC