BREAKING NEWS - MASSIVE TAX CUTS UNVEILED
Treasury Secretary Steve Mnuchin has unveiled one of the biggest tax cuts in U.S. history this afternoon. The key figures: • The business tax rate will be lowered from 35% to 15%, taking the U.S. from one of the highest corporate tax rates in the developed world to one of the lowest. • The top rate for "S corporations," small organizations that currently file returns under the individual tax code, would fall from 39.6% to 15%. • End to double taxation on overseas profits. • A one-time tax on overseas profits coming back to the U.S. • Individual income tax rates will be reduced to 3 brackets, 10%, 25%, and 35%. • The standard deduction will double to $12,600 per person. • A married couple will not pay taxes on the first $24,000 of income. • All deductions other than charity and mortgage interest will be eliminated. • Eliminate 3.8% Obamacare Tax. • Reduce tax on capital gains and dividends back to pre-Obama rates. • Repeal "Death Tax" on inheritances.