President Donald Trump’s Tax Proposals

Health Care

  • End the Affordable Care Act
  • Extend the Premium health care credit for two years
  • End the Employer mandate for companies with 50 or more employees to offer health care
  • End the Cadillac Health Plan requirement with 40% tax on health insurance over the limit
  • End 2.3% tax on sales of medical devices

Individual Taxes

  • Propose three tax rates of 12%, 25%, and 33%
  • Eliminate the Alternative Minimum Tax (AMT)
  • Eliminate the Estate Tax
  • These changes could reduce revenue by $6.2 trillion over 10 years

Tax Deductions and Tax Credit Changes

  • Standard deduction would grow to $30,000 for Married Filing Joint taxpayers
  • Standard deduction would grow to $15,000 for Single filers
  • The Child Credit would increase
  • Dependent Care deductions would increase

Other Tax Changes

  • Eliminate medical deductions
  • Eliminate state tax and local tax deductions
  • Cap itemize deductions
  • Eliminate Medicare surtaxes from the Affordable Care Act

Corporate Taxes

  • Reduce the corporate tax rate from 35% to 15%
  • Offer special one time rate for multinationals to bring money overseas back to the US