President Donald Trump on Wednesday unveiled his tax reform proposal — and it contains massive giveaways for America’s richest individuals.
Among other things, the plan would completely eliminate both the alternative minimum tax and the inheritance tax — two taxes that were designed to stop rich people from gaming the system to avoid paying any taxes.
The plan would also slash the corporate tax rate down to just 15%, which would be lower than what millions of Americans pay on their individual taxes.
Additionally, the plan would condense the current seven income tax brackets down to just three brackets that would come in at 10%, 25% and 35%.
“Our basic premise here is to simplify the tax system, lower rates and make it easy,” said top White House economic adviser Gary Cohn.
The plan also says it will at least partially offset the drop in revenue from the elimination of “special interest” deductions — but it also didn’t list any specific deductions it would kill.
Trump Treasury Secretary Steve Mnuchin said during a press conference that President Trump will still not release his own taxes, despite the fact that critics have claimed that we need to see them to understand if Trump is crafting policy designed to maximize benefits to his own family.