The Donald's tax "plan" explained

Details are quite sketchy.

But here's what we know so far:

A:  Deductions:

1)  Standard deduction increased, personal exemption eliminated..

2)  Deduction for property taxes eliminated.

3)  deduction for state and local taxes eliminated.

4)   Combination of charity & Mortgage deduction essentially eliminated for everybody with less than about $750,000 mortgage balance (if the standard deduction for a couple is $24,000, a couple would need combined charity & interest of more than $24,000 in order be able to deduct anything, even then, they'd only be able to deduct the amount over $24,000)

B)  Rates & eliminations

1)  Lowest bracket for "employment income" raised from 10% to 12% for the lowest bracket (brackets yet to be determined!).

2)  a middle bracket (for "employment income") of 25% (bracket yet to be determined).

3)  max bracket (yet to be determined) for "employment income" cut from 39.6% to 35%.

4)  max bracket cut from 39.6% to 25% for "business income"...this means lawyers, doctors, dentists, private equity, real estate deals, etc.

That means that real estate speculators, hedge funds, and private equity would drop from paying 39.6% to 25%.

5)  eliminates the alternative minimum tax;

6)  eliminates the estate tax (a couple pays no tax on the first $10 million of an estate under current law, then 40% ove the amont over ten million).

7)  corporate tax rate cut from 35% to 25%.

8)  dividends/ capital gains rate kept/ lowered to 20%.