Although the plan is short on nitty-gritty details, it does offer a broader picture of structural changes. On the household side, there would be three tax brackets, 12%, 25% and 35%, the highest (the current highest is 39.6%). It also proposed eliminating the estate tax completely.
On the corporate side of things, the rate would be lowered to 20% from 35%, for businesses. There would also be a one-time repatriation tax of about 10% to incentivize firms to bring overseas cash holdings back home.
Silicon Valley Wants it all From Tax Reform
Tech companies have some of the biggest stakes in tax reform. According to the Center for Responsive Politics, the industry has hired more than 500 lobbyists in 2017. This is more than any year since 2010. A low corporate tax rate is desirable, but the previously mentioned repatriation tax will be chief among the concerns of the tech industry.
