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President Trump’s New Tax Plan

Michael Mundaca

Michael Mundaca graduated with a master of arts in philosophy from the University of Chicago and an LL.M. in taxation from the University of Miami. An attorney specializing in international tax law, Michael Mundaca is co-director of the National Tax Department and the Americas Tax Center at EY.

President Donald Trump proposed during the presidential campaign to reform the US income tax system. With respect to the taxation of individuals, his campaign proposal would reduce the current seven tax brackets to three: 12, 25, and 33 percent. The plan would also cap itemized deductions at $100,000 for individual filers and to $200,000 for married couples filing jointly (and impose other limitations on exemptions and deductions for high earners) but increase the standard income tax deduction from $6,300 to $15,000 for individual filers, and from $12,600 to $30,000 for joint filers, and provide a reformed deduction for dependent care expenses.

The President's campaign proposal also would eliminate both the individual alternative minimum tax (AMT) and the estate tax (but with capital gains tax potentially applying).

 

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