Yesterday, Donald J. Trump released details of a tax reform plan.  This plan would reduce individual income tax rates, lowering the top rate from 39.6 percent to 25 percent and creating a large zero bracket. The plan would also reform the business tax code by reducing the income tax on all businesses to 15 percent and eliminate business tax expenditures, including deferral and interest deductions. In addition, the plan would eliminate the Estate Tax and the Alternative Minimum Tax.

While some aspects of the plan remain unspecified, many others are very clear, working within the existing income tax framework and lowering the rates. As such, we are able to model virtually all of the major provisions of the plan.

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