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ARTICLE · 24 AUGUST 2016

Trump Updates Tax Plan

Grant Thornton LLP
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On the individual side, Trump proposed a full deduction of the "average cost of child care spending" and a repeal of the estate tax.

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Grant Thornton'S Washington National Tax Office
Grant Thornton'S Washington National Tax Office
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Republican presidential nominee Donald Trump released new details on his tax plan in an Aug. 8 speech. His plan adopts aspects of House Republicans’ tax reform blueprint, indicating a move by the candidate to veer closer to the Republican party’s tax agenda.

Trump’s former plan, released in September 2015, laid out four tax brackets of 0%, 10%, 20% and 25%. His new plan adopts the House Republicans’ three-bracket approach of 12%, 25% and 33%. In a departure from his previous plan, Trump also said he would seek to eliminate carried interest preferences.

In addition to those changes, Trump again highlighted his proposal to equalize tax rates for business income at 15%, regardless of whether that income is earned through a pass-through or a corporation. Trump also vowed to put a hold on regulations and impose a 10% tax on repatriated earnings.

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