an 4 5 pa BA er omigt- fe Tax ie 7s = — — po elie a < —y a a = Trump additionally proposed capping itemized deductions This is the same tax treatment of accumulated foreign at $1 00,000 for single filers and $200,000 for married earnings called for under former Ways and Means filers and highlighted the benefits of his proposals for Committee Chairman Dave Camp’s (R-MI) Tax Reform Act working Americans and the middle class. “By lowering of 2014. rates, streamlining deductions, and simplifying the ; ; ; process, we will add millions and millions of new jobs. In But in a departure from the Camp bill, the Blueprint also addition, because we have strongly capped deductions for calls for a move to a destination-basis tax system, under the wealthy, and closed special interest loopholes, the tax which border adjustments exempt exports from tax while relief will be concentrated on the working and middle taxing imports, making the tax jurisdiction the location of class taxpayer..,” he said. “This is a working and middle- consumption rather than production. Exempting exports class tax relief proposal.” A campaign fact sheet from US tax and taxing imports regardless of where they proclaims that Trump’s economic proposals would add 25 are produced will eliminate incentives for US businesses million jobs over a decade, which equates to 200,000 new to move or locate operations outside of the United States jobs per month. under a territorial tax system, according to the Blueprint. By relieving exports from US tax while imposing US tax on The motivating factorsfor tax reform will remainthe imports, the Blueprint would eliminate the need for any same as they were in the current Congress, but unified new exemption or territorial tax system to be government should make enacting tax reform much accompanied by a minimum tax or any other more easier. The statutory corporate income tax rate is seen as conventional anti-base erosion measure, thereby too high and the international tax system