The plan would reduce the top rate on individual income tax — now 39.6 percent for income over around $470,000 for a married couple — to 35 percent. The plan would eliminate the estate tax, which currently applies to individuals with estates of $5.5 million or couples with estates worth $11 million. The plan would eliminate the federal tax deduction for state and local income tax. The Trump plan doesn’t come with any estimates of its impact on the federal deficit. Even if adjusted to be temporary, the presence of deficit hawks among Republicans would make the Trump plan no slam dunk to pass.

Source: New York Times April 26, 2017 20:47 UTC