Top 5 Takeaways from Trump’s Tax Plan

Investing.com - President Donald Trump and Republican leaders unveiled their long awaited tax policy framework on Wednesday.The plan set out three tax brackets of 12%, 25% and 35%, down from the existing seven tax brackets.Trump said he wants to expand the child tax credit to help the middle class.The tax plan also calls for repealing the estate tax and the alternative minimum tax, which would be a boon for higher earners and the wealthy.The proposal includes plans to cut the corporate tax rate to 20% from 35%.Trump also said he will allow a one-time low tax rate on repatriating offshore funds.But the president offered no details of the plan’s cost and the proposed changes are likely to face an uphill battle in Congress amid concerns that they could add trillions of dollars to the deficit.