Archived Trump to propose large increase in deductions Americans can claim on their taxes (washingtonpost.com)
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Posted by: mrPingPong
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Archived on: 7/25/2017 10:00:00 AM
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Archived Trump to propose large increase in deductions Americans can claim on their taxes (washingtonpost.com)
submitted ago by mrPingPong
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[–] derram ago
https://archive.is/7P0Wx | https://vgy.me/nUH33o.png :
'The existing standard deduction Americans can claim is $6,300 for individuals and $12,600 for married couples filing jointly. '
'A taxpayer who claims the standard deduction cannot also itemize deductions for items such as mortgage interest or charitable giving. '
'But if the standard deduction is large enough, many would be likely to bypass the itemized deduction. '
'Trump will call for a sharp reduction in the corporate tax rate, from 35 percent to 15 percent. '
'Congressional Republicans praised President Trump’s ambitious effort to overhaul the tax code and slash corporate income tax rates to 15 percent. '
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