Taxes

Updated at 4:12 p.m. ET

The Trump administration Wednesday put forth a proposal that it labeled a "massive" tax overhaul, which would give big tax cuts to individuals and corporations and reduce the number of tax brackets and deductions.

It's Not Too Late To Get Help Filing Your Taxes

Apr 11, 2017
Flickr/401(K) 2012 http://bit.ly/2pqS9fZ

"Tax Day" is delayed until April 18 this year, so citizens nationwide have a few extra days to file their taxes before the deadline. 

President Trump has made clear he doesn't like the alternative minimum tax, a complex federal levy that will hit some 4.8 million taxpayers this year.

A two-page tax return, filed by Trump for 2005 and revealed Tuesday, may suggest one reason. Because of the AMT, Trump was required to pay about $38 million in taxes on income of more than $150 million that year.

Without it, Trump's bill would have been a lot lower.

Most Americans remember the 1990s as a prosperous time when companies were expanding, wages rising and stock prices soaring. In 1997, Fortune magazine published a story headlined: "These Are The Good Old Days ... The U.S. Economy Is Stronger Than It's Ever Been Before."

In September of last year, Donald Trump released his first tax plan, but now he has made another go of it. Over the last couple of months, he has released an overhaul that changes rates and includes newly announced child care deductions. The revised plan would still cost the government trillions in revenues, according to a new analysis, though not as much as his last plan.

Pages