Washington, D.C.

How Trump’s tax proposal works

It condenses 7 income brackets into 3 and abolishes the alternative-minimum tax

Categories: News

WASHINGTON – President Donald Trump’s call for a dramatic overhaul of the tax code sets in motion his most ambitious legislative initiative to date, testing whether he can cut the deal of his life on an issue that has long bedeviled Washington.

On Wednesday, Trump issued a one-page outline for changes to the tax code, pinpointing numerous changes he would make that would affect almost every American.

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.

Here’s how it all breaks down. 

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More: Tax overhaul would aid wealthiest

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