- 100 percent immediate business expensing
- Corporate rate reduced to 20 percent
- Moves USA from moronic “worldwide” system of taxation to a “territorial” system which only taxes income earned in the United States.
- Simplified three bracket system with a top rate of 28 percent
- repeals 3.8 percent Obamacare savings surtax
- kills the Death Tax
- AMT eliminated
- State and local tax deduction eliminated
- Nearly doubles the standard deduction
- The unfortunate element is raising taxes on carried interest capital gains (raise rate from 23.8 to 28 percent.) No Republican should be for higher taxes on capital gains. This tax hike idea is supported by Barack Obama, Hillary Clinton, Bernie Sanders, and Elizabeth Warren. The Democratic Left deeply wishes to tax ALL capital gains as ordinary income.