U.S. Treasury Secretary Steve Mnuchin made some bold assertions about President Trump’s forthcoming tax restructuring plan. Trump’s proposed tax reform has been one of the important components in the dramatic rise in the U.S. stock market since Trump’s election victory. Today Secretary Mnuchin told CNBC’s “Squawk Box”:
“I want to see very significant tax reform passed before Congress’ August recess. We want to get this done by the August recess. We’ve been working closely with the leadership in the House and the Senate and we’re looking at a combined plan.”
Watch the entire interview below.
During the campaign, President Donald Trump proposed the most significant tax cuts since Ronald Reagan. President Trump wants to CAP the number of deductions you can take every year on your federal income tax return at $200,000.
His tax plan calls for reducing personal income tax rates from 7 brackets, to just 3 brackets:
The current 7 tax brackets are:
- 10% – Single: $0- $9,275- Married joint: $0- $18,550
- 15% – Single: $9,275-$37,650- Married joint: $18,550 – $50,400
- 25% – Single: $37,650- $91,150 Married joint: $50,400- $130,150
- 28% – Single: $$91,150- $190,150 Married joint: $130,150- $210,800
- 33% – Single: $190,150- $413,350 Married joint: $210,800- $413,350
- 35% – Single: $413,350-$415,050 Married joint: $413,350- $441,000
- 6% – Single: -$415,050 + Married joint filers- $441,000 +
President Trump is proposing 3 brackets:
- 12% percent
- 25% percent
- 33% percent
During his campaign, Trump called for the repeal of the alternative minimum tax and the estate tax. With the elimination of the alternate minimum tax, itemized deductions would be worth more. Under current law, a taxpayer can pass up to $5.45 million to heirs tax free. For married couples it’s $10.9 million. Above that amount, beneficiaries must pay an estate tax of 40 percent. (Fifteen states and the District of Columbia also assess an estate tax.)
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