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.
4. Lower capital gains tax (CGT)
Under Trump’s plan, the top federal capital gains rate would drop to 20% from 23.8%.
The proposal also gets rid of almost all tax deductions, including those for state and local taxes. This creates a significant increase in tax for residents of high-tax states such as California and New York.
Tags: Donald Trump | US
