Significant reforms of personal income tax
- Most taxpayers pay less at all levels
- Marriage penalty reduced.
Increase in Standard Deduction
- $12,000 for individuals
- $24,000 for married couples
No change in Capital Gains Rates
- 0% up to $77,200 for married couple
- 15% from $77,200 to $479,000 for married couple
- 20% over $479,000 for married couple
Significant reforms of Corporate Tax
- Chapter C Corporations pay flat 21%.
Significant reforms of Estate Tax
- No Estate tax below $11.2 million per person
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