An America-First Tax Framework

America First Policies supports President Trump’s tax framework because it is pro-growth, pro-jobs, pro-worker, pro-family, and pro-American. It benefits individuals, families, small businesses, and job creators—and closes loopholes that favor the wealthy over regular American families. 
Individuals and Families
  • Increases the average household income by $4,000.
  • Doubles the standard deduction so that more income is taxed at 0%. The first $12,000 of income for individuals, and $24,000 for married couples, will be income tax-free.
  • Reduces the number of individual income tax brackets from seven—which range from 10% to 39.6%—to four: 12%, 25%, 35%, and 39.6% for wealthy earners.
  • Simplifies the tax code so that most Americans can complete their returns on a single sheet of paper.
  • Eliminates the marriage penalty.
  • Retains incentives that encourage Americans to make charitable contributions.  
  • Eliminates the alternative minimum tax and phases out the estate tax (also known as the death tax) over six years. 
  • Preserves key tax deductions for homebuyers and current homeowners. 
  • Retains crucial retirement savings options for everyday Americans, including Individual Retirement Accounts and 401(K)s. 
  • Creates a new $300 tax credit for those caring for an adult or elderly dependent.
  • Increases the Child Tax Credit and expands it to benefit more middle- and working-class families.
  • Retains tax benefits that ensure retirement security.
Small Businesses and Job Creators
  • Lowers the corporate tax rate from 35% to 20% so that companies can hire more workers and provide higher wages.
  • Lowers the top marginal income rate for small businesses to 25%, the lowest it’s been in 80 years.
  • Encourages companies to bring back trillions of dollars held overseas to be invested in American companies to create jobs.
  • Ends incentives for corporations to ship jobs overseas.
  • Preserves the low-income housing tax credit, which encourages businesses to build affordable housing for low-income Americans.
  • Encourages businesses to ramp up investment and create well-paying jobs.
Elimination of Loopholes
  • Closes loopholes that favor wealthy taxpayers over regular American families. 
  • Closes loopholes that well-connected corporations use to avoid paying their fair share.
  • Prevents American jobs, headquarters, and research from moving overseas by eliminating incentives that reward companies for shifting jobs, profits, and manufacturing plans abroad.