Trump unveils 'once in a generation' tax reform plans

Cutting tax brackets from seven to three

US President Donald Trump unveiled proposals for the "biggest tax cuts in history" last night, slashing the tax rate for businesses and eliminating inheritance tax.

According to the Guardian, the plan would cut the US individual tax brackets from seven to three and cut corporate tax from 35% to 15%.  It would also eliminate almost all tax deductions, including those for state and local taxes, meaning potential high increases for those in high-tax states such as New York. Tax cuts had been a big part of Trump's election campaign, which saw him call for simpler tax codes and lower tax rates on business and families. This would be the largest overhaul of the US tax system since changes made by President Reagan in the 1980s. Artemis' Weldon hol...