The Trump adminstration has announced the outlines of a tax reform plan. Here are 5 key elements of the plan.
• The package will increase the standard deduction for individuals while eliminating most deductions except those for the mortgage interest and charitable donations.
• The number of income tax brackets will be cut from from seven to three, with a top rate of 35 percent and lower rates of 25 percent and 10 percent. It is not clear what income ranges will be for each bracket.
• The plan eliminates the estate tax, which primarily affects wealthy Americans.
• The plan includes a "one-time tax" at a rate to be determined on the trillions of dollars held by corporations overseas.