NEW YORK — — The President of the United States announced Monday he’s proposing to slash taxes for all Americans by an average of $1,000, but some Americans are already taking advantage of a $1.6 trillion tax cut package that has already been approved by Congress.
President Donald Trump, flanked by Treasury Secretary Steven Mnuchin and Treasury Secretary Steve Mnuchin, announced a sweeping tax overhaul proposal at the White House Monday.
The plan would cut taxes for individuals, families, and businesses.
It would lower the top corporate rate from 35% to 20%, reduce the standard deduction to $12,000 for singles, and reduce the child tax credit to $1 from $2.
President Trump signed the first major overhaul of federal tax law in more than 20 years in a ceremony that was livestreamed on social media.
The President said he wanted to cut taxes across the board and not just for wealthy Americans, and he promised to cut them “in a big way” with “tremendous tax cuts for American families and businesses.”
The plan is expected to be signed into law by the end of the year, according to the White.
Trump is proposing to cut the corporate tax rate from 39.6% to 21% and eliminate the estate tax, which has been one of his signature campaign promises.
It would also repeal the alternative minimum tax, a tax that is designed to discourage investment and has been a top Trump campaign promise.
He also announced a proposal to eliminate deductions for state and local taxes, a key component of the Trump campaign, and to double the standard child tax benefit.
The proposal also includes a proposal for a $300 billion tax cut over the next decade, which will be used to lower rates on capital gains and dividends and to increase the standard refund.
The Trump administration is proposing a tax plan that would cut income taxes on nearly all Americans.
The White House said the plan would raise $1 trillion in revenue over 10 years, but it said it will also reduce taxes on the wealthy.
“We will be able to keep taxes down by as much as $1 Trillion.
But we will be doing it with a much smaller share of the income tax pie,” said White House press secretary Natalie Strom.”
For every $1 that we reduce the income and payroll taxes paid by the wealthy, we will reduce the payroll taxes of about 2 million Americans.”
The proposal would also lower rates for the wealthiest Americans.
It is estimated that Trump’s proposed tax cut would reduce the top marginal income tax rate for those earning over $1 million to 21%.
The plan also includes several provisions that would benefit the wealthy and help small businesses, like an increase in the top rate for investment income to 25%.
It also proposes to eliminate the Alternative Minimum Tax, a loophole that allows wealthy people to pay a lower tax rate than they otherwise would under current law.
This would be a major victory for Trump and Republicans who have sought to repeal the tax on the wealthiest, many of whom are corporations, and have been at the forefront of attacking the plan.