New York Times article A White House memo says the administration plans to raise the estate and gift tax exemption for wealthy taxpayers, expand the exemption for those with passive investments, lower the top tax rate for businesses, and boost tax credits for retirement savings.
The administration also plans to lower corporate tax rates and boost a retirement savings tax credit, the memo says.
“These are all proposals that I would support if they were implemented and that we will support,” Treasury Secretary Steven Mnuchin said in an interview with The Associated Press.
He did not say what the tax rates would be.
It would be one of the first major tax changes by President Donald Trump in the post-election era.
Under the current law, the tax rate on the value of estates and trusts is 20 percent.
Under Trump’s plan, the top rate would drop to 25 percent.
Trump said his plan will lower the tax burden on the rich by lowering their tax rates to 15 percent, 20 percent and 25 percent, and by increasing the amount of income tax they pay.
His plan would also boost the exemption from the estate, the value in which a taxpayer gets a tax break for passing away, from $5 million to $10 million, the White House said.
The White House does not release the size of the exemption.
In a recent speech in New Hampshire, Trump called for an end to the estate-tax exemption, which the Republican-controlled House of Representatives has voted to abolish.
Trump also said that the tax-reform bill should give the wealthy a tax credit to offset the cost of paying their taxes.
If Congress passes the tax bill, Trump’s proposal would be in effect for four years.
Trump said he would keep the current estate tax deduction for the first four years, but cut it to $5.9 million, leaving it for five years.
Democrats have said that Trump’s tax proposal is a giveaway to the wealthy and that the Trump administration should stop the tax breaks.
The tax bill would eliminate the estate income tax exemption and the 401(k) tax-advantage, two provisions that Trump has praised in speeches and other statements.
House Speaker Paul Ryan (R-Wis.) has said that a vote on the tax plan is still needed for Trump to sign it.
The bill is expected to be signed by the president by Friday.
Trump has been critical of the Affordable Care Act, calling it a massive tax increase for the middle class.
He also has expressed interest in making tax cuts for the wealthy, including cutting the estate taxes, but that could be complicated by the tax reform bill.
While Trump has repeatedly criticized the Affordable Health Care Act since it passed in 2010, it remains popular among voters.
The AP has reported that Trump is in the process of developing his own health care proposal.
Trump, who has previously said that health care is not his priority, has not yet laid out a detailed proposal for how he would pay for his proposed changes to health care.