y/J, 
 
 TAX 
 
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 MOREjobsl FAIRER taxesl BIGGER paychecks 
 
 
 
 
 
 
 
 
 
 UNIFIED FRAMEWORK 
 
 FOR FIXING 
 
 OUR BROKEN TAX CODE 
 
 SEPTEMBER 27, 2017 
 
 OVERVIEW 
 
 It is now time for all members of Congress a Democrat, Republican 
 
 and Independent a to support pro-American tax reform. Itas time 
 
 for Congress to provide a level playing field for our workers, to bring 
 
 American companies back home, to attract new companies and businesses 
 
 to our country, and to put more money into the pockets of everyday 
 
 hardworking people. 
 
 President Donald J. Trump Milwaukee Journal Sentinel September 3, 2017 
 
 President Trump has laid out four principles for tax reform: First, make the tax code simple, fair 
 
 and easy to understand. Second, give American workers a pay raise by allowing them to keep more 
 
 of their hard-earned paychecks. Third, make America the jobs magnet of the world by leveling the 
 
 playing field for American businesses and workers. Finally, bring back trillions of dollars that are 
 
 currently kept offshore to reinvest in the American economy. 
 
 The Presidentas four principles are consistent with the goals of both congressional tax-writing 
 
 committees, and are at the core of this framework for fixing Americaas broken tax code. 
 
 Too many in our country are shut out of the dynamism of the U.S. economy, which has led to 
 
 the justifiable feeling that the system is rigged against hardworking Americans. With significant 
 
 and meaningful tax reform and relief, we will create a fairer system that levels the playing field 
 
 and extends economic opportunities to American workers, small businesses, and middle-income 
 
 families. 
 
 The Trump Administration and Congress will work together to produce tax reform that will put 
 
 America first. 
 
 2 
 
 GOALS 
 
 The Trump Administration, the House Committee on Ways and Means, and the Senate Committee 
 
 on Finance have developed a unified framework to achieve pro-American, fiscally-responsible 
 
 tax reform. This framework will deliver a 21st century tax code that is built for growth, supports 
 
 middle-class families, defends our workers, protects our jobs, and puts America first. It will deliver 
 
 fiscally responsible tax reform by broadening the tax base, closing loopholes and growing the 
 
 economy. It includes: 
 
 Tax relief for middle-class families. 
 
 The simplicity of apostcarda tax filing for the vast majority of Americans. 
 
 Tax relief for businesses, especially small businesses. 
 
 Ending incentives to ship jobs, capital, and tax revenue overseas. 
 
 Broadening the tax base and providing greater fairness for all Americans by closing 
 
 special interest tax breaks and loopholes. 
 
 This unified framework serves as a template for the tax-writing committees that will develop 
 
 legislation through a transparent and inclusive committee process. The committees will also 
 
 develop additional reforms to improve the efficiency and effectiveness of tax laws and to effectuate 
 
 the goals of the framework. The Chairmen welcome and encourage bipartisan support and 
 
 participation in the process. 
 
 3 
 
 TAX RELIEF AND SIMPLIFICATION FOR AMERICAN FAMILIES 
 
 Over the last decade too many hard-working Americans have struggled to find good-paying jobs, make 
 
 ends meet, provide for their families and plan for their retirement. They are the focus of this framework. 
 
 Strengthening and growing the middle class, and keeping more money in their pockets, is how we build 
 
 a stronger America. By lowering the tax burden on the middle class, and creating a healthier economy, 
 
 we can give American families greater confidence and help them get ahead. At the same time, taxpayers 
 
 deserve a system that is simpler and fairer. Americaas tax code should be working for, not against, middleclass families. 
 
 aZERO TAX BRACKETa 
 
 Under the framework, typical middle-class families will see less of their income subject to federal 
 
 income tax. 
 
 The framework simplifies the tax code and provides tax relief by roughly doubling the standard 
 
 deduction to: 
 
 $24,000 for married taxpayers filing jointly, and 
 
 $12,000 for single filers. 
 
 To simplify the tax rules, the additional standard deduction and personal exemptions for the taxpayer 
 
 and spouse are consolidated into this larger standard deduction. This change is fundamental to a 
 
 simpler, fairer system. 
 
 In combination, these changes simplify tax filing and effectively create a larger azero tax bracketa by 
 
 eliminating taxes on the first $24,000 of income earned by a married couple and $12,000 earned by a 
 
 single individual. 
 
 INDIVIDUAL TAX RATE STRUCTURE 
 
 Under current law, taxable income is subject to seven tax brackets. The framework aims to consolidate 
 
 the current seven tax brackets into three brackets of 12%, 25% and 35%. 
 
 Typical families in the existing 10% bracket are expected to be better off under the framework due 
 
 to the larger standard deduction, larger child tax credit and additional tax relief that will be included 
 
 during the committee process. 
 
 An additional top rate may apply to the highest-income taxpayers to ensure that the reformed tax code 
 
 is at least as progressive as the existing tax code and does not shift the tax burden from high-income to 
 
 lower- and middle-income taxpayers. 
 
 The framework also envisions the use of a more accurate measure of inflation for purposes of indexing 
 
 the tax brackets and other tax parameters. 
 
 4 
 
 ENHANCED CHILD TAX CREDIT AND MIDDLE CLASS TAX RELIEF 
 
 To further simplify tax filing and provide tax relief for middle-income families, the framework 
 
 repeals the personal exemptions for dependents and significantly increases the Child Tax Credit. 
 
 The first $1,000 of the credit will be refundable as under current law. 
 
 In addition, the framework will increase the income levels at which the Child Tax Credit begins 
 
 to phase out. The modified income limits will make the credit available to more middle-income 
 
 families and eliminate the marriage penalty in the existing credit. 
 
 The framework also provides a non-refundable credit of $500 for non-child dependents to help 
 
 defray the cost of caring for other dependents. 
 
 Finally, the committees will work on additional measures to meaningfully reduce the tax burden on 
 
 the middle-class. 
 
 INDIVIDUAL ALTERNATIVE MINIMUM TAX (AMT) 
 
 The nonpartisan Joint Committee on Taxation (JCT) and the Internal Revenue Service (IRS) 
 
 Taxpayer Advocate have both recommended repealing the AMT because it no longer serves its 
 
 intended purpose and creates significant complexity. This framework substantially simplifies the 
 
 tax code by repealing the existing individual AMT, which requires taxpayers to do their taxes twice. 
 
 ITEMIZED DEDUCTIONS 
 
 In order to simplify the tax code, the framework eliminates most itemized deductions, but retains 
 
 tax incentives for home mortgage interest and charitable contributions. These tax benefits help 
 
 accomplish important goals that strengthen civil society, as opposed to dependence on government: 
 
 homeownership and charitable giving. 
 
 WORK, EDUCATION AND RETIREMENT 
 
 The framework retains tax benefits that encourage work, higher education and retirement 
 
 security. The committees are encouraged to simplify these benefits to improve their efficiency and 
 
 effectiveness. Tax reform will aim to maintain or raise retirement plan participation of workers and 
 
 the resources available for retirement. 
 
 5 
 
 OTHER PROVISIONS AFFECTING INDIVIDUALS 
 
 Numerous other exemptions, deductions and credits for individuals riddle the tax code. The 
 
 framework envisions the repeal of many of these provisions to make the system simpler and fairer 
 
 for all families and individuals, and allow for lower tax rates. 
 
 DEATH AND GENERATION-SKIPPING TRANSFER TAXES 
 
 The framework repeals the death tax and the generation-skipping transfer tax. 
 
 6 
 
 COMPETITIVENESS AND GROWTH FOR ALL JOB CREATORS 
 
 Small businesses drive our economy and our communities, and they deserve a significant tax cut. This 
 
 framework creates a new tax structure for small businesses so they can better compete. Furthermore, 
 
 Americaas outdated tax code has fallen behind the rest of the world a costing U.S. workers both jobs 
 
 and higher wages. In response, the framework puts Americaas corporate tax rate below the average of 
 
 other industrialized countries and promotes greater investment in American manufacturing. 
 
 TAX RATE STRUCTURE FOR SMALL BUSINESSES 
 
 The framework limits the maximum tax rate applied to the business income of small and familyowned businesses conducted as sole proprietorships, partnerships and S corporations to 
 
 25%. The framework contemplates that the committees will adopt measures to prevent the 
 
 recharacterization of personal income into business income to prevent wealthy individuals from 
 
 avoiding the top personal tax rate. 
 
 TAX RATE STRUCTURE FOR CORPORATIONS 
 
 The framework reduces the corporate tax rate to 20% a which is below the 22.5% average of the 
 
 industrialized world. In addition, it aims to eliminate the corporate AMT, as recommended by the 
 
 non-partisan JCT. The committees also may consider methods to reduce the double taxation of 
 
 corporate earnings. 
 
 aEXPENSINGa OF CAPITAL INVESTMENTS 
 
 The framework allows businesses to immediately write off (or aexpensea) the cost of new 
 
 investments in depreciable assets other than structures made after September 27, 2017, for at least 
 
 five years. This policy represents an unprecedented level of expensing with respect to the duration 
 
 and scope of eligible assets. The committees may continue to work to enhance unprecedented 
 
 expensing for business investments, especially to provide relief for small businesses. 
 
 INTEREST EXPENSE 
 
 The deduction for net interest expense incurred by C corporations will be partially limited. The 
 
 committees will consider the appropriate treatment of interest paid by non-corporate taxpayers. 
 
 7 
 
 OTHER BUSINESS DEDUCTIONS AND CREDITS 
 
 Because of the frameworkas substantial rate reduction for all businesses, the current-law domestic 
 
 production (asection 199a) deduction will no longer be necessary. Domestic manufacturers will see 
 
 the lowest marginal rates in almost 80 years. In addition, numerous other special exclusions and 
 
 deductions will be repealed or restricted. 
 
 The framework explicitly preserves business credits in two areas where tax incentives have proven 
 
 to be effective in promoting policy goals important in the American economy: research and 
 
 development (R&D) and low-income housing. While the framework envisions repeal of other 
 
 business credits, the committees may decide to retain some other business credits to the extent 
 
 budgetary limitations allow. 
 
 
 
 TAX RULES AFFECTING SPECIFIC INDUSTRIES 
 
 Special tax regimes exist to govern the tax treatment of certain industries and sectors. The 
 
 framework will modernize these rules to ensure that the tax code better reflects economic reality 
 
 and that such rules provide little opportunity for tax avoidance. 
 
 8 
 
 THE AMERICAN MODEL FOR GLOBAL COMPETITIVENESS 
 
 The framework puts America on a level international playing field and puts an end to the 
 
 incentives for shipping jobs overseas. 
 
 TERRITORIAL TAXATION OF GLOBAL AMERICAN COMPANIES 
 
 The framework transforms our existing aoffshoringa model to an American model. It ends the 
 
 perverse incentive to keep foreign profits offshore by exempting them when they are repatriated 
 
 to the United States. It will replace the existing, outdated worldwide tax system with a 100% 
 
 exemption for dividends from foreign subsidiaries (in which the U.S. parent owns at least a 10% 
 
 stake). 
 
 To transition to this new system, the framework treats foreign earnings that have accumulated 
 
 overseas under the old system as repatriated. Accumulated foreign earnings held in illiquid assets 
 
 will be subject to a lower tax rate than foreign earnings held in cash or cash equivalents. Payment 
 
 of the tax liability will be spread out over several years. 
 
 STOPPING CORPORATIONS FROM SHIPPING JOBS AND CAPITAL OVERSEAS 
 
 To prevent companies from shifting profits to tax havens, the framework includes rules to protect 
 
 the U.S. tax base by taxing at a reduced rate and on a global basis the foreign profits of U.S. 
 
 multinational corporations. The committees will incorporate rules to level the playing field between 
 
 U.S.-headquartered parent companies and foreign-headquartered parent companies. 
 
 9 ||||| NEW YORK (AP) — Republican presidential front-runner Donald Trump on Monday proposed eliminating income taxes for millions of Americans, and lower rates for the highest-income earners, as part of a plan he said would grow the U.S. economy at a pace not seen in years. 
 
 Republican presidential candidate Donald Trump talks about his tax plan during a news conference, Monday, Sept. 28, 2015, in New York. The Republican front-runner is calling for an overhaul of the tax... (Associated Press) 
 
 Republican presidential candidate Donald Trump pauses while speaking about his tax plan during a news conference, Monday, Sept. 28, 2015, in New York. The Republican front-runner is calling for an overhaul... (Associated Press) 
 
 Republican presidential candidate Donald Trump talks about his tax plan during a news conference, Monday, Sept. 28, 2015, in New York. The Republican front-runner is calling for an overhaul of the tax... (Associated Press) 
 
 Republican presidential candidate Donald Trump talks about his tax plan during a news conference, Monday, Sept. 28, 2015, in New York. The Republican front-runner is calling for an overhaul of the tax... (Associated Press) 
 
 Trump's plan for an overhaul of the U.S. tax code would eliminate federal income taxes on individuals earning less than $25,000 and married couples earning less than $50,000. He said those individuals would receive "a new one page form to send the IRS saying, 'I win.'" 
 
 Trump's plan would also disproportionally benefit wealthy earners by lowering the highest income tax rate from 39.6 percent to 25 percent, and businesses by cutting their tax rate — from major corporations to mom-and-pop shops — to no more than 15 percent. 
 
 "There will be a major tax reduction," Trump said at a news conference at his Trump Tower skyscraper in Manhattan. "It'll simplify the tax code. It'll grow the American economy at a level that it hasn't seen for decades." 
 
 Trump said he wants to eliminate the so-called "carried interest loophole" that allows managers of hedge funds and private equity firms to pay a lower tax rate than most individuals, and would reduce or eliminating most deductions and loopholes for both individuals and corporations. "In other words, it's going to cost me a fortune," he said. 
 
 The billionaire real estate mogul said those changes would pay for the tax cuts, along with an increase in tax revenue generated by economic growth. Trump estimated that his plan would lead the economy to grow at least 3 percent a year, and as much as 5 or 6 percent — a rate of growth that most economists say is unrealistic. 
 
 Trump said his plan would also bring in new sources of revenue to the Treasury by allowing corporations to bring money held in overseas accounts back to the United States after paying a one-time tax of 10 percent. He would also prevent companies from deferring taxes paid on income earned abroad. 
 
 In sum, he says, the changes he wants to enact would not add to the annual federal budget deficit or the national debt. 
 
 "We have an amazing code," Trump said of his tax system. "It will be simple. It will be easy. It will be fair." 
 
 Trump said the plan had been crafted with the help of leading economists, but refused to say who they are during his news conference. He also said his plan didn't suit any particular political agenda, describing it as a "common sense approach." 
 
 The tax plan is the third major policy proposal from Trump, who has also outlined plans for immigration and guns. He has been criticized for failing to unveil specific policy proposals as he's risen in early preference polling. 
 
 ___ 
 
 Follow Jill Colvin on Twitter at: http://twitter.com/colvinj ||||| (CNN) President Donald Trump on Wednesday unveiled a Republican framework for tax reform that calls for sweeping tax cuts and a simplification of the tax code, framing the effort in a speech as a historic opportunity. 
 
 "This is a once-in-a-generation opportunity, and I guess it's probably something I could say that I'm very good at," Trump said during remarks in Indiana. "I've been waiting for this for a long time. We're going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans. And we are going to bring back the jobs and wealth that have left our country and most people thought left our country for good." 
 
 Trump in recent weeks has sought to crank up public pressure on the need for sweeping tax reform. In Indianapolis, he offered specific numbers to back up his calls for the biggest changes to the tax code in decades. 
 
 He called for reducing the personal income tax brackets from seven to three (12%, 25% and 35%), doubling the standard deduction for married and single filers (to $24,000 and $12,000 respectively), slashing the corporate tax rate to 20% and eliminating the estate tax -- among other proposals. 
 
 Trump sought to give the Republican-crafted framework a populist touch, framing the tax reform proposal as a boon for the middle class, American workers and American manufacturing. 
 
 The President said his tax cut proposal wouldn't help the country's wealthiest taxpayers, like himself, as he promised to strip away tax breaks and loopholes. 
 
 "It's not good for me, believe me," Trump said. 
 
 The claim was impossible to verify, though, as Trump has refused to release his tax returns. Trump is the first president in four decades not to do so. 
 
 Trump said that while wealthy, "well-connected" people could "call me all they want, it's not going to help," saying he was "doing the right thing." 
 
 The President's tax reform framework proposes cutting the top income tax bracket from 39.5% to 35%, though the plan gives congressional committees latitude to create a fourth, higher income tax bracket. 
 
 While Trump claimed parts of his tax proposal would hurt his wallet, he seemed sure the plan would bolster his popularity. 
 
 "What is good for me, not only as President and legacy, what is good for me is if everything takes off like a rocket ship," Trump said. "Like it should have for 20 years. That's good for me. That's good for everyone. And that's what I think is going to happen. And a lot of very wealthy people feel the same way, believe me." 
 
 Still, while the President focused on the benefits the tax proposal would deliver to middle class Americans, he made clear it would also be a boon for big business. 
 
 Beyond slashing the corporate tax rate to "no higher than 20%," Trump's proposal also offers write-offs for companies that move their manufacturing plants to the US and would incentivize the repatriation of "trillions" of dollars in US companies' profits stashed in tax havens overseas. 
 
 "Our framework will stop punishing companies for keeping their headquarters in the United States. We're punishing companies under our codes for being in the United States," Trump said. "When our companies move to other countries it's our loyal American workers who get hurt." 
 
 Trump said his business-friendly policies would lead to increased wages and economic gains in the US. The GOP framework would also cap the tax rate for small businesses at 25%, Trump said. 
 
 The framework is the result of months of closed-door discussions between top Trump administration officials and Republican congressional leaders, but Trump has signaled in recent weeks that he is hoping to win some Democratic support for his proposal. 
 
 Trump's trek to Indiana on Wednesday was the third time he has pitched tax reform in a red state that is home to a vulnerable Democratic senator, this time Sen. Joe Donnelly, who joined Trump for the speech. 
 
 JUST WATCHED Trump: I'm very good at cutting taxes Replay More Videos ... MUST WATCH Trump: I'm very good at cutting taxes 01:09 
 
 Trump took the opportunity to turn up the heat on Donnelly, who is up for reelection in 2018, warning him to support tax reform, or else. 
 
 "If Sen. Donnelly doesn't approve it -- because you know he's on the other side -- we will come here, we will campaign against him like you wouldn't believe," Trump said, pointing at Donnelly in the audience before suddenly offering a wide grin. "I think they're going to approve it, I think we'll have, actually I think we'll have numerous Democrats come across, because it's the right thing to do." 
 
 Trump added that "tax reform has not historically been a bipartisan issue," drawing on the example of the Reagan tax cuts which were passed with significant Democratic support as he said he hoped Democrats would join in supporting the reform effort. 
 
 Donnelly, who traveled with the President to his Indianapolis event said the framework is missing details. 
 
 "As it stands, the framework released today is missing many details that will be critical to determining whether working- and middle-class families truly stand to benefit," he said in a statement following the speech. 
 
 "I work for Hoosiers, not President Trump or any political party," he added. 
 
 Trump drew on the stories of ordinary Americans as he made his pitch, referring to a seventh-generation farmer to call for a repeal of the estate tax, drawing on the story of a small business owner as he calls for tax cuts and pulling from the experiences of an IT worker whom Trump said has seen firsthand the damage of the US' high corporate tax rate. 
 
 The GOP proposal, being presented jointly by the White House, House Ways & Means Committee and Senate Finance Committee, calls for reducing income tax rates to three brackets of 12%, 25% and 35%, but leaves the income ranges for those brackets up to tax committees, according to a copy of the Republican framework obtained by CNN. The proposal also gives committees the flexibility to create a fourth bracket that could potentially eliminate a potential tax cut for the wealthiest Americans. 
 
 The proposals also calls for doubling the standard deduction to $24,000 for married couples and $12,000 for single filers. 
 
 The framework also calls for slashing the corporate tax rate to 20%, though Trump has for months said he would like to see the 35% rate brought down to 15%. Trump sought to justify the shift on Wednesday, saying that he only floated 15% as a negotiating tactic. 
 
 "I wanted to start at 15 to get there," Trump said. 
 
 Trump's push on tax reform comes on the heels of his latest in a string of stinging defeats on health care reform, with Senate Republicans repeatedly failing to string together 50 votes to replace Obamacare. 
 
 The White House is now aiming to push tax reform through Congress by the end of the year. ||||| President Donald Trump listens during a meeting on tax policy with business leaders in the Roosevelt Room of the White House, Tuesday, Oct. 31, 2017, in Washington. (AP Photo/Evan Vucci) (Associated Press) 
 
 President Donald Trump listens during a meeting on tax policy with business leaders in the Roosevelt Room of the White House, Tuesday, Oct. 31, 2017, in Washington. (AP Photo/Evan Vucci) (Associated Press) 
 
 WASHINGTON (AP) — House Republicans would preserve the popular retirement account for middle-class Americans while limiting a cherished deduction for homeowners in a sweeping tax cut plan unveiled Thursday that would add $1.5 trillion to the nation's debt. 
 
 GOP leaders briefed rank-and-file lawmakers on the proposal Thursday morning ahead of a formal rollout and a show of unity event at the White House with President Donald Trump. A major revamp of the tax code, the first in three decades, is a top legislative and political priority of Republicans. 
 
 Details were contained in a summary obtained by The Associated Press. 
 
 The proposal would leave intact the existing rules on 401(k) retirement accounts and the ability of Americans to contribute up to $18,000 into the accounts tax-free. 
 
 But the plan limits the widely used deduction for mortgage interest for newly purchased homes at up to $500,000, a sharp reduction from the current $1 million cap. 
 
 The plan also limits the deductibility of local property taxes to $10,000 while eliminating the deduction for state income taxes, which generated significant opposition from Republicans in high-tax states such as New York and New Jersey. 
 
 "I view the elimination of the deduction as a geographic redistribution of wealth, picking winners and losers," said Rep. Lee Zeldin, R-N.Y., who represents eastern Long Island. "I don't want my home state to be a loser, and that really shouldn't come as any surprise." 
 
 The child tax credit would be increased from $1,000 to $1,600, though the $4,050 per child exemption would be repealed. 
 
 The legislation is a longstanding goal for Capitol Hill Republicans who see a once-in-a-generation opportunity to clean up an inefficient, loophole-cluttered tax code. But there is lingering opposition from northeastern Republicans fearful of losing a cherished deduction for state and local taxes and anxiety among other rank-and-file lawmakers over emerging details. 
 
 Influential conservative Rep. Mark Meadows, R-N.C., dismissed proposed retirement changes as a "non-starter," adding "that's what most of middle-income America uses as their nest egg." 
 
 The plan shrinks the number of tax brackets from seven to three or four, with respective tax rates of 12 percent, 25 percent, 35 percent and a category still to be determined. The tax system would be simplified, and most people would be able to file their returns on a postcard-sized form. 
 
 The plan calls for nearly doubling the standard deduction used by most average Americans to $12,000 for individuals and $24,000 for families, and increasing the per-child tax credit. On net, it could mean tax increases for many upper middle-income families. 
 
 The plan slashes the corporate tax rate from 35 percent to 20 percent, a demand of Trump. It also repeals the inheritance taxes on multimillion-dollar estates, a big break for the wealthy. 
 
 Republicans and Trump argue that sharply cutting tax rates for businesses improves U.S. economic competitiveness, but the possibility of letting the lower corporate rates expire is rankling some longtime advocates who say the uncertainty could limit its boost to the economy. 
 
 The ambitious timetable calls for passing the complex measure in the House by Thanksgiving. 
 
 "Failure is not an option," said Rep. Chris Collins, R-N.Y. 
 
 The emerging plan would retain the Clinton-era 39.6 percent income tax rate for the wealthiest earners. But for that highest bracket, the tax writers were considering raising the minimum level of income to $1 million for couples or families from the current $470,000 — a change that would reduce tax revenue. 
 
 Meadows, the chairman of the House Freedom Caucus, said he was worried about eligibility limits that could prevent some businesses from taking advantage of a lower 25 percent tax rate. 
 
 "How as a Republican can we pick winners and losers that way? I mean it makes absolutely, certifiably no sense," Meadows said. 
 
 Trump set an aggressive timetable for the legislation and predicted a grand signing ceremony before Christmas at "the biggest tax event in the history of our country." 
 
 Democrats have repeatedly complained the plan was too favorable to business and the wealthy, and contradicted Trump's rhetoric of bringing tax relief and economic benefit to the stressed middle class. 
 
 __ 
 
 Associated Press writer Alan Fram contributed to this report.
– Slowly but surely, Donald Trump is bulking up the position statements on his website. His immigration and gun rights platforms have now been joined by his new tax plan, which he announced Monday in a press conference from NYC's Trump Tower, CNBC reports. "Too few Americans are working, too many jobs have been shipped overseas, and too many middle class families cannot make ends meet," notes his site, which boasts four "simple" goals to mitigate these issues: offering tax relief to the middle class, simplifying the tax code, growing the US economy, and ensuring the country doesn't add to its debt and deficit. Highlights of Trump's plan include getting rid of income taxes for individuals making less than $25,000 and married couples making less than $50,000—with those qualifying filers receiving "a new one page form to send the IRS saying, 'I win.'" (Seriously.) Tax brackets would be whittled down from the current seven to four: 0%, 10%, 20%, and 25% (down from a current high of 39.6%, the AP reports; see where you'd fall on the tax chart shown here). The blueprint also would cut business tax rates down to no more than 15%, as well as levy a one-time 10% tax on overseas profits, which Trump's campaign thinks will encourage corporations to bring money back home, the Wall Street Journal notes. Trump says the tax benefits would be funded by reducing or ending "redundant" deductions and loopholes (mostly for the wealthiest, but also in certain cases for middle-class filers), as well as from newly reaped tax revenue from a healthier economy, the AP notes. "My plan will bring sanity, common sense, and simplification to our country's catastrophic tax code," Trump said in an interview with the Journal. "It will create jobs and incentives of all kinds while simultaneously growing the economy." (Read further details about the plan here.)