Trump proposes dramatic tax cuts for companies big and small - Breitbart
As Cohn and Treasury Secretary Steven Mnuchin explained it in an interview, the plan would reduce the number of personal income tax brackets to three from seven: rates of 10 percent, 25 percent and 35 percent. It would double the standard deduction for married couples to $24,000, while keeping deductions for charitable giving and mortgage interest payments. The administration plans to provide tax relief for families with child care expenses, too, although the specifics have yet to be included.
On the other hand, the proposal would also trim other deductions utilized by wealthier Americans. This would include deductions for state and local tax payments, a change that could alienate support from lawmakers in states such as California and New York with higher state taxes.
?It?s not the federal government?s job to be subsidizing the states,? Mnuchin said.