![\"\"](\"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2017\/11\/taxsummary17.jpg\")
<\/a><\/p>\nLowers Rates for Individuals and Families
\nThe framework shrinks the current seven tax brackets into three \u2013 12%, 25% and 35% \u2013 with the potential for an
\nadditional top rate for the highest-income taxpayers to ensure that the wealthy do not contribute a lower share of
\ntaxes paid than they do today.<\/p>\n
Doubles the Standard Deduction and Enhances the Child Tax Credit
\nThe framework roughly doubles the standard deduction so that typical middle-class families will keep more of their
\npaycheck. It also significantly increases the Child Tax Credit.
\nEliminates Loopholes for the Wealthy, Protects<\/p>\n
Bedrock Provisions for Middle Class
\nTo provide simplicity and fairness the framework eliminates many itemized deductions that are primarily used
\nby the wealthy, but retains tax incentives for home mortgage interest and charitable contributions, as well as tax
\nincentives for work, higher education, and retirement security.<\/p>\n
Repeals the Death Tax and Alternative Minimum Tax (AMT)
\nThe framework repeals the unfair Death Tax and substantially simplifies the tax code by repealing the existing
\nindividual AMT, which requires taxpayers to do their taxes twice.
\nCreates a New Lower Tax Rate and Structure for Small Businesses
\nThe framework limits the maximum tax rate for small and family-owned businesses to 25% – significantly lower
\nthan the top rate that these businesses pay today.<\/p>\n
To Create Jobs and Promote Competitiveness, Lowers the Corporate Tax Rate
\nSo that America can compete on level playing field, the framework reduces the corporate tax rate to 20% \u2013 below
\nthe 22.5% average of the industrialized world.<\/p>\n
To Boost the Economy, Allows \u201cExpensing\u201d of Capital Investments
\nThe framework allows, for at least five years, businesses to immediately write off (or \u201cexpense\u201d) the cost of new
\ninvestments, giving a much-needed lift to the economy.<\/p>\n
Moves to an American Model for Competitiveness
\nThe framework ends the perverse incentive to offshore jobs and keep foreign profits overseas. It levels the playing
\nfield for American companies and workers.<\/p>\n
Brings Profits Back Home
\nThe framework brings home profits by imposing a one-time, low tax rate on wealth that has already accumulated
\noverseas so there is no tax incentive to keeping the money offshore.<\/p>\n","protected":false},"excerpt":{"rendered":"
Washington, DC…The GOP has released their tax plan. A few light details are below… Lowers Rates for Individuals and Families The framework shrinks the current seven tax brackets into three \u2013 12%, 25% and 35% \u2013 with the potential for an additional top rate for the highest-income taxpayers to ensure that the wealthy do not […]<\/p>\n","protected":false},"author":1,"featured_media":47324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,20,5,1],"tags":[],"class_list":["post-47323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-featured","category-government","category-news","last_archivepost"],"jetpack_featured_media_url":"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2017\/11\/taxsummary17.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/47323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47323"}],"version-history":[{"count":0,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/47323\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/media\/47324"}],"wp:attachment":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}