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The Alternative Minimum Tax — which ensures that wealthy households' taxes don't fall too much due to deductions — would be eliminated.
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Of course the highest tax bracket right now is 39.6%, but when you add in the rediculous ammount of deductions available, that can drop it to even lower than the 20% he's calling for.
I do believe the 20% should be moved up to 27-30% due to fairness, but Trump's plan shouldn't be discounted because he's Trump. He's removing all the loopholes the rich use to discount their tax percentage.
As for the corporate tax being lowered, it should be. People complain about downsizing and outsourcing: it's because of the ridiculous tax on businesses. Lowering the tax will bring industry back to the US, instead of it being in SE Asia.