Trump tax plan leaves Congress, Ryan with heavy lift

We do know, however, that at least one person will get a tax cut if the Trump administration's plan becomes law.

Here's a look at the three big stocks that could score the biggest wins from Trump's tax holiday.

Just days before reaching his 100th day in office, President Donald Trump is delivering a gift to taxpayers.

Under Trump's tax plan, these itemized deductions would disappear. This filing status provides a lower tax rate and a higher standard deduction than filing as a single person. Specifics of the new plan have not yet been given, however.

The median household income in the U.S.is about $55,000, though people living in high-cost areas can make much more than that and still feel like they are in the middle class.

In addition, Trump's plan would double standard tax deductions, which means Americans could get to keep more money each year. But whether they pay more or less depends largely on details that have yet to be released.

Trump proposed on Wednesday slashing tax rates for businesses and on overseas corporate profits returned to the country, in a plan that his fellow Republicans in Congress generally welcomed but viewed as an opening gambit.

The centerpiece of Trump's plan would cut the corporate tax rate from 35 percent down to 15 percent, exempt foreign earnings from USA taxation and reward companies that have been parking cash overseas to avoid taxes.

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But there were more questions than answers Thursday as the brief outline left out key details, such as which of the new brackets - 10, 25 and 35 percent - would apply to which income levels.

"They're going to have a middle-income tax cut", he replied. "We have no idea what deductions he's taking; whether he's still paying the alternative minimum tax". According to recently leaked Trump documents from 2005 cited by Pelosi, Trump paid $36.5 million in federal taxes that year because of the AMT.

Repeal the estate tax. For married couples, the estate tax only kicks in on inheritance greater than $10.98 million. The administration expects lower taxes to spur faster growth, making up for the shortfall, but if not, the deficit would rise substantially.

"And many studies show that 70 percent of the tax burden falls on American workers".

For Yum! Brands, with more than 500,000 employees and revenues of more than $13 billion in 2015, the plan would cut a little more than $2.5 billion from its base tax rate.

Rich people, including Trump, tend to report a lot of business income, Williams said.

It's unclear what would happen to the tax treatment on retirement contributions, such as to a 401 (k) or individual retirement account, although National Economic Council Director Gary Cohn - who along with Treasury Secretary Steve Mnuchin announced the plan at a press briefing - said "retirement savings will be protected".

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