Trumponomics

Donald Trump's signature economic policies, sometimes referred to as Trumponomics, include the raising of tariffs, across-the-board tax cuts, the dismantling of the Dodd–Frank Wall Street Reform and Consumer Protection Act, and the repeal of the Patient Protection and Affordable Care Act ("Obamacare"). Trump's economic plan was released in August 2016 and was widely described as light on details, with Trump insisting "In the coming weeks, we will be offering more detail on all of these policies".

Trump's signature economic policies are the raising of tariffs, across-the-board tax cuts, the dismantling of the Dodd–Frank Wall Street Reform and Consumer Protection Act and the repeal of the Patient Protection and Affordable Care Act ("Obamacare"). Trump unveiled his economic plan on August 8, 2016, with a revised tax proposal.

On the federal personal income tax, Trump has proposed collapsing the current seven brackets (which range from 10% to 39.6%) to three brackets of 10%, 20%, and 25%; increasing the standard deduction; taxing dividends and capital gains at a maximum rate of 20%; repealing the alternative minimum tax; and taxing carried interest income as ordinary business income (as opposed to existing law, which provides for preferential treatment of such income). With respect to business taxes, Trump has proposed reducing the corporate tax rate to 15%; limiting the top individual income tax rate on pass-through businesses such as partnerships to no more than 15%; repealing most business tax breaks as well as the corporate alternative minimum tax; imposing a "deemed repatriation tax" of up to 10% of accumulated profits of foreign subsidiaries of U.S. companies on the effective date of the proposal, payable over 10 years; and taxing future profits of foreign subsidiaries of U.S. companies each year as the profits are earned (i.e., ending the deferral of income taxes on corporate income earned in other countries). Trump has also called for the repeal of the federal estate tax and gift taxes and for capping the deductibility of business interest expenses.

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