Excerpted from this New York Times article

Here are the most important changes in the US federal tax system proposed Wednesday 4/26/17 by President Trump.

  1. Three tax brackets; 10 percent, 25 percent and 35 percent. That lowers the top rate by nearly 5 percent.
  2. Double the Standard Deduction to put more money in the pockets of the average taxpayers who do not itemize their deductions.
  3. Repeal of Alternative Minimum Tax: This provision cost Mr. Trump an additional $31 million in federal income taxes in 2005.
  4. Lower the Capital Gains Tax from 23.8 percent to 20 percent, by eliminating a 3.8 percent tax that helps to fund the Affordable Care Act.
  5. Repeal of Inheritance Tax. Critics of Mr. Trump will likely complain that he is helping his family and rich friends.
  6. Preserve Schedule A deductions for mortgages and charities, and eliminate the rest. State and local taxes would no longer be deductible.
  7. Cut the corporate tax rate from 35 to 15 percent.