"Lower and fewer tax rates....Ordinary-income graduated tax rate [brackets] will be cut from seven to three, while also eliminating the net investment income tax which funds Obamacare.
"No more estate tax... Makes the next four years a good time as any to die
"Huuuuge business tax cuts. The corporate tax rate will be cut from 35% (which Mr. Trump incorrectly asserts is the highest rate in the industrialized world) to 15%."
But also: "Farewell to depreciation... Most business deductions will be eliminated and businesses will be permitted to immediately deduct the cost of asset acquisitions." That's "a 'monumental divergence' from current law"
Upper-middle-income families will likely pay more: "Itemized deductions will be capped at $200,000 if married ($100,000 if single) while standard deductions will increase from $12,600 to $30,000 ($15,000 if single) and eliminate personal exemptions...
"Example: A family of five claiming the standard deduction will lose deductions under the Trump plan. Currently, they'd be entitled to a $12,600 standard deduction and $20,250 of personal exemptions, for a total tax benefit of $32,850. Under the Trump plan, that would be replaced with a $30,000 standard deduction and no personal exemptions."
On the other hand: "The rich get richer: Total federal tax revenue will be reduced by $6.2 trillion over the next 10 years. Of those cuts, nearly 47% will go to the richest 1%. Those earning less than $48,400 will have an annual tax cut of less than $400 while those earning $700,000+ will average an extra $215,000 per year...