Trump Tax Plan Doubles Standard Deduction
The long-awaited Republican tax-overhaul proposal would double the standard deduction for joint filers to $24,000, establish three tax brackets of 12 percent, 25 percent and 35 percent to replace the current seven rates, and set the corporate tax rate at 20 percent.
Many details remain unclear, including the income levels for each tax bracket, but according to details released early Wednesday, the corporate tax rate will be lowered to just below the 22.5 percent average of the industrialized world to continue President Trump’s campaign to bring jobs back from overseas and “make American great again.”
The president has said the plan will be the largest tax cut in American history.
A framework released by members of Congress cites the four requirements the president laid out: “First, make the tax code simple, fair and easy to understand. Second, give American workers a pay raise by allowing them to keep more of their hard-earned paychecks. Third, make America the jobs magnet of the world by leveling the playing field for American businesses and workers. Finally, bring back trillions of dollars that are currently kept offshore to reinvest in the American economy.”
The plans come from the White House, the House Committee on Ways and Means, and the Senate Committee on Finance. (Read more from “Trump Tax Plan Doubles Standard Deduction” HERE)
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