The Trump administration on Friday outlined a tax-holiday package that would be the largest tax overhaul since the 1986 Tax Reform Act.
The plan would be one of the largest of its kind in U.N. history, the Treasury Department said.
The tax bill is expected to boost the economy by as much as $1.5 trillion over the next decade, it said.
Trump is calling the package “historic” in a tweet, calling it the “largest tax cut in American history.”
It is the largest cut in U,N.T.O. history.
I have not seen anything like it.
The people will love it.
– President Donald J. Trump (@realDonaldTrump) December 15, 2018The plan is estimated to raise $1 trillion over a decade and provide a $1,000 tax cut for individuals and families.
It includes a tax cut on dividends, capital gains, and the top 0.1 percent of earners, the top 1 percent of taxpayers and couples earning more than $400,000 a year, and for businesses, the bottom 50 percent of workers.
The new tax code would also raise the top tax rate on corporations from 39.6 percent to 39.7 percent and the estate tax from $5.45 million to $5 million.
Trump called the new plan a “historic cut in the tax rate.”
“This is the biggest tax cut we’ve ever had,” he said.
“The people will be happy.
They’ll love it.”
President Donald Trump speaks at the Whitehouse in Washington, U.K., U.s. on Friday.