The Trump administration on Wednesday released a broad outline of a plan to make major changes to the tax code. Because thresholds were not included in the president’s plan, brackets are combined based on the House Republican plan released in 2016. According to an analysis of an earlier House Republican tax plan by the Tax Policy Center, 84 percent of filers who currently itemize their deductions would take the standard deduction if it were doubled. Create a New Tax Rate For ‘Pass-Through’ BusinessesThe plan would create a new 25 percent tax rate for “pass-through” businesses — sole proprietorships, partnerships and S corporations that currently pay taxes at the individual rate of their owners. Lower the Corporate Rate While Eliminating Some Tax BreaksThe plan would lower the corporate tax rate to 20 percent from 35 percent and eliminate some business deductions and credits.

Source: New York Times September 27, 2017 21:56 UTC