Individual and corporate income tax reform is in the wind. Here’s a OMB graphic on the sources of US federal tax revenue for reference. Note that individual income tax and corporate income tax receipts represent 57% of all federal tax revenue.
On April 26, the Trump administration released its principles of tax reform. [Text] The document is mostly a series of broad principles under three headings: Goals for Tax Reform, Individual Reform and Business Reform. Compare The Goals Of Donald J. Trump’s Tax Plan, which is hosted on Trump’s presidential campaign site and the Ways and Means Committee Republicans’ Better Way for Tax Reform.
The nonpartisan think tank Tax Policy Center has prepared a series of briefs describing the key tax code provisions Congress is likely to debate when tax reform moves to the center of public attention. The below graphic was created by the Center. — Joe