Officials with the Trump administration unveiled their proposed tax reform plan on Wednesday, which included big tax cuts.
In the White House briefing room, National Economic Director Gary Cohn provided details: “We are going to cut taxes and simplify the tax code by taking the current seven tax brackets we have today and reducing them to only three brackets. a 10 percent bracket, a 25 percent bracket and and a 35% bracket. We’re going to double the standard deduction. So that a married couple won’t pay any taxes on the first $24,000 of income they earn. So in essence, we are creating a zero tax rate, yes, a zero tax rate for the first $24,000 that a couple earns.”
Treasury secretary Steven Mnuchin said “We want to move as fast as we can. […] This bill is about creating economic growth and jobs.”
The White House is expected to release a more detailed outline Wednesday.
