President Trump's tax plan is a lot like Form 1040EZ: It's one page, and it's up to you to fill in the blanks. The proposal would slash corporate taxes, reduce the number of personal brackets from seven to three, double the standard deduction, eliminate deductions for state and local taxes (a big hit to Californians), drop the inheritance tax and so on. But with so little detail, few economists or tax policy analysts are buying the White House line that it will pay for itself — and as columnist Michael Hiltzik writes, we've seen these ideas before. Add in a Congress wary of increasing the deficit, and this tax plan will probably need an extension.
Source : http://www.latimes.com/newsletters/la-me-todays-headlines-20170427-story.html