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T17-0214 - Revenue Neutral Proposal to Lower Individual and Corporate Income Tax Rates and Repeal 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 6.1, 11, and 28; repeal individual income tax expenditures; 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.

September 13, 2017