White House unveils tax plan touting 'massive' cuts

[truth_seeker]

White House unveils tax plan touting 'massive' cuts

By RYAN STRUYK  Apr 26, 2017, 2:00 PM ET

The White House unveiled its much-anticipated tax reform plan Wednesday, outlining dramatic cuts in federal taxes for businesses while aiming to simplify the code for individuals.

Gary Cohn, White House Chief Economic Adviser, said the plan marks "one of the biggest tax cuts" in U.S. history. "We have a once-in-a-generation opportunity to do something really big," he said in the White House press briefing.

Administration officials are calling this a "first draft" -- an outline of priorities and principles.

"Under the Trump plan, we will have a massive tax cut for businesses," said Treasury Secretary Steve Mnuchin. The new plan will have three personal tax brackets -- 10 percent, 25 percent and 35 percent.

The corporate tax rate would be slashed to 15 percent under the plan.

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http://abcnews.go.com/Politics/white-house-set-unveil-tax-reform-blueprint/story?id=47019919

[Right_in_Virginia]

The new plan would consolidate three tax brackets for individuals -- 10 percent, 25 percent and 35 percent. It also doubles the standard deduction, meaning that a married couple would pay no taxes on the first $24,000 they earn. The current individual tax system has seven brackets, spiking at a rate just shy of 40 percent.