This document they released is a joke.
Reducing the 7 tax brackets to 3 tax brackets of 10%, 25% and 35%
The top rate would be 12% lower than the current 39.6. It's very important to get more detail because, depending on the positioning of the brackets, they might actually intend to increase the rate for some. Say, the $9k - 38k bracket now at 15% up to that 25%.
Doubling the standard deduction
I'm suspicious of this one. But we should actually engage with these details. This seems to be the populist sauce on top of all the shit. (Congressional Republicans will never go for it; they eat shit for breakfast.)
Providing tax relief for families with child and dependent care expenses
In the same way as the Tax Policy Center (I think it was, based on the campaign proposal) found would give the typical low-income family a benefit of $10? Thanks, Ivanka!
Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers
I'm assuming that means carried interest. I'll believe it when I see it passed into law.
Repeal the Alternative Minimum Tax
This is a massive payout to the wealthy. You can justify it on simplification grounds, but not when paired with the rest of the details of the proposal. This is something like $1 trillion over 10 years, going 90% to those with income over 100k. Also, the AMT is indexed now, so it doesn't present a bracket creep problem (it is complex, though).
Repeal the death tax
Another massive payout to the wealthy.
Repeal the 3.8% Obamacare tax that hits small businesses and investment income
I'm really not surprised they want to repeal this, since it's a Democratic pay-for that's pretty narrowly targeted at high-income taxpayers. But this is yet another thing to add to the fiscal hole 45 is creating for himself.
15% business tax rate
Corporations are better than people!
News reports all say this will also apply to individual business income, S-corps, partnerships and LLCs. Has a 10-year cost of at least another $3 trillion.
Territorial tax system to level the playing field for American companies
That one is actually needed, from what I know of it. But I have to admit lack of knowledge in this area. Having a worldwide system when just about every other country uses territorial does seem to put US companies at a disadvantage.
One-time tax on trillions of dollars held overseas
At pennies on the dollar, no doubt.
Eliminate tax breaks for special interests
Yeah, right! There's a reason they threw this vague one in at the very end.