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The White House rolled out its tax proposal, which aides have billed as “the biggest individual and business tax cut in American history” on April 26. Treasury Secretary Steve Mnuchin and National Economic Council Chair Gary Cohn laid out President Trump’s principles for reform from behind the podium, and a one-page document was distributed to the press.

The highlights:

  • Establishes 15 percent business tax rate (applicable to corporations and pass-through entities)
    • Down from the current top rates of 35 percent and 39.6 percent, respectively
  • Repeal of the estate tax
  • Repeal of the alternative minimum tax 
  • Repeal of the Affordable Care Act’s 3.8 percent Net Investment Tax
  • Establishes top individual rate of 35 percent (currently 39.6 percent)
  • Reduces seven individual brackets to three of 10, 25 and 35 percent
  • Doubles the standard deduction

Mnuchin and Cohn both said that the White House is engaged in ongoing talks with House and Senate leaders. On Wednesday afternoon, House Speaker Paul Ryan, U.S. Senate Leader Mitch McConnell, House Ways and Means Committee Chairman Kevin Brady and Senate Finance Committee Chairman Orrin Hatch released a joint statement praising the outline.

According to the White House release, the Trump Administration will start holding listening sessions with stakeholders next month, giving ABC and its members an opportunity to weigh in.