While I Support The Current GOP Proposal I'd Like to Add a Few More Details and Things I Think Should Be included. This Will Be Appended with More Details Soon. GOP Plan Details in ():
Taxes - Personal:
1. Collapse the current seven brackets (which range from 10% to 39.6%) to three - 10%, 15%, and 25%, (12%, 25%, & 35%);
2. increasing the standard deduction ($12,000/$24,000);
3. taxing dividends and capital gains at a maximum rate of 20%;
4. eliminating doube taxation of dividends,
5. repealing the alternative minimum tax;
6. repealing the death tax;
7. taxing carried interest income as ordinary business income,
LIKE PROFESSIONAL TRADERS PAY NOW AND ARE HAPPY TO DO SO (as opposed to existing law, which provides for preferential treatment of such income).
8. Eliminate most deductions but keep Charitable, Home interest, and Healthcare (and make healthcare "above the line - no need to itemize).
Taxes - Business:
1. reducing the corporate tax rate to 15% (20%);
2. limiting the top individual income tax rate on pass-through businesses such as partnerships to no more than 15% (25%);
3. repealing most business tax breaks as well as the corporate alternative minimum tax;
4. imposing a deemed repatriation tax of up to 10% of accumulated profits of foreign subsidiaries of U.S. companies on the effective date of the proposal, payable over 10 years; and taxing future profits of foreign subsidiaries of U.S. companies each year as the profits are earned (i.e., ending the deferral of income taxes on corporate income earned in other countries).
5. Repeal of the federal estate tax and gift taxes;
6. limiting but not capping the deductibility of business interest
7. repealing the 3.8 percent net investment income tax.