Rob Berger , CONTRIBUTOR (Forbes)

Beyond income tax rates, Trump’s plan has several other very significant tax proposals. First, carried interest would be taxed as ordinary income. Carried interest is income to a general parter of a private investment fund. Think hedge funds. This change will hurt the wallets of hedge fund managers. Second, Trump would repeal the 3.8% Affordable Care Act tax. This change, along with the modified tax brackets, would reduce the top rate from 43.4% to 33%, a substantial savings.

Third, Trump’s tax plan increases the standard deduction to $30,000 ($15,000 for single filers). The personal exemption will be eliminated. And importantly, itemized deductions will be capped at $200,000 ($100,000 for single filers). These changes will benefit the working-class, while potentially increasing taxes (although at a lower tax rate) of the wealthy by capping itemized deductions.

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