T17-0215 - Revenue Neutral Proposal to Lower Individual and Corporate Income Tax Rates and Repeal Certain Tax Expenditures; Impact on Tax Revenue, 2018-37 by Fiscal Year

Table shows the revenue effect of a revenue neutral proposal that would: repeal the Net Investment Income Tax (NIIT), individual and corporate alternative minimum tax (AMT), phase-out of personal exemptions, and Pease limitation on itemized deductions; set individual tax rates of 6.4, 11.5, and 29.3; repeal individual income tax expenditures with the exception of EITC, CTC, and partial exclusion of Social Security benefits; set corporate taxrate of 26 percent; implement territorial system plus minimum tax on foreign-source income; and repeal corporate tax expenditures. Proposal is designed to be revenue neutral in FY 2037. Results are relative to a current law baseline.