Five things you need to know about Trump’s tax plan
By International Adviser, 28 Apr 17
This week, US president Donald Trump unveiled what he called “the biggest tax cuts in history”. Here’s a look at some of the initial proposals to slash inheritance tax, top income brackets and tax for large corporations.
3. Repeal wealth tax
Trump also set out plans to repeal the so-called alternative minimum tax (AMT). The tax, introduced in the late 1960s, was enacted to make sure wealthy Americans who earn above a certain amount pay a flat minimum tax rate.
Since the AMT wasn’t indexed for inflation until 2013, the number of people who face the tax has grown dramatically since the 1970s.
Leaked documents have shown that in 2005 Trump paid $31m in AMT.
Tags: Donald Trump | US
