President Trump unveils new tax plan - KULR8.com | News, Weather & Sports in Billings, Montana

President Trump unveils new tax plan

Posted: Updated:
WASHINGTON, D.C. -

President Donald Trump traveled to Indiana Wednesday to unveil his new tax plan. 

This proposed tax reform bill will change the current taxable income brackets from seven to three. Under the proposed law, tax brackets will be broken down to 12%, 25%, and 35%. There would also be a "zero tax bracket" which would eliminate taxes on the first $24,000 of income earned by a married couple and $12,000 earned by a single individual. 

According to the bill's "Tax Blueprint," the framework eliminates most itemized deductions, but retains tax incentives for home mortgage interest and charitable contributions. 

This bill would also repeal the death tax and the generation-skipping transfer tax. 

You can view the bill's "Tax Blueprint" below for more information. 

This is a developing story. We will update this story with reaction from Montana & Wyoming congressional delegation. 

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