The Gang Tries Fixing the Tax Code

[Blue3]

Watching the press briefing, it looks like the Trump Tax Plan is to:

 1. eliminate all deductions except mortgage interest and charitable giving... and double the standard deduction ($6300 to $12600 for individuals, $12600 to $24000 for married couples filing jointly)

 2. cut corporate tax to 15% (from 35%)... and onetime tax on dollars held overseas, and a new territorial tax system

 3. eliminate the estate tax, the AMT, and the 3% Obamcare tax on businesses

 4. cut the top tax rate from 39.6% to 35%... the other tax bracket rates would decrease to 25% or 10% (cutting the number of brackets from 7 to 3)

[Blue3]

What exactly does it mean to have
-a one-time tax on dollars overseas
-a territorial tax system
??



And yeah, of course the biggest issue with this tax plan overall is that it increases the deficit. But honestly, that's probably the only issue with it, so that's pretty good. (Though I do wish they tried to get rid of the mortgage tax deduction too).