Proposal a “guidepost” for tax writing committees. Plan cuts income tax brackets to three from 9. Would eliminate Estate/Generation Skipping Tax, Alternative Minimum Tax AMT. Estimates put AMT break at $800B and Estate Tax at $250+B. No specifics provided. Plan allows Congress the power to write a new top personal income tax bracket. Plan provides for repatriation of off shore funds with lowered 1x tax liability. Includes discussion of increased capex writeoffs over 5 years for small business. No revenue offsets offered. By statute limited to 10 years before sunset if not provide offsets. Will keep you updated as more information becomes available. Call with questions or concerns. /djs
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