The White House unveiled its highly anticipated tax plan yesterday. As expected, the plan proposes steep tax cuts across the board. Most of the items discussed are in line with Trump’s initial plan, and with the Blueprint proposed by Ways and Means Republicans last summer. Although the final law will look different than these initial proposals, some sort of tax reduction is almost certain given Republican control over Congress.

It remains to be seen how steep the cuts will go and for how long they will last. While Treasury Secretary Steve Mnuchin vows that the plan will be financed by the economic growth it generates, others have expressed skepticism. In addition, without a Republican supermajority in the Senate or support from key Democrats, a 10-year sunset provision would likely apply.

Below are the highlights of the latest plan from Trump, compared to the Ways and Means Blueprint from last year (click to enlarge chart):

 

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Nicole Hart, J.D.

Nicole Hart is head of our trusts & estates department and works in our New York office.