Axe the Tax
A look at the proposed tax reform plan On Wednesday April 26, 2017, the White House announced the broad strokes of their proposed tax reform. Those broad strokes can be summarized as follows: Reducing the current 7 brackets to 3 Reducing the corporate tax rate to 15% (down from 35% - 39.6%) Elimination of the Estate Tax Let’s take a look at what this means, shall we? Tax Revenue Breakdown In 2016 the US collected roughly $3.3T (approximately 17.78% of GDP) in tax revenue, whi