Trump administration announces ‘once-in-a-generation opportunity’ to overhaul tax code
“This is a once-in-a-generation opportunity to do something really big,” said Gary Cohn, director of the president’s National Economic Council, who presented the plan to reporters at the White House.
He said the president was ready to go to the mat to get tax reform enacted…
The proposal he outlined would eliminate every tax deduction except those that are most popular among middle-class families — those for home mortgage interest, charitable giving and retirement savings.
It would reduce the number of tax brackets form the current seven to three, lowering the top tax rate from 39.6 percent to 35 percent. The other two new brackets would have a 25 percent and 10 percent rate.