Wednesday, April 26, 2017

#TrumpSpring: White House unveils tax cut plan

When taxes are cut that puts more money into the hands of consumers and business owners. It is not, what liberals claim, handouts for the rich. When there is more cash in the private economy everyone benefits.

From Fox Business:
President Donald Trump’s tax plan, which will be unveiled Wednesday, calls for a sizable increase to the standard deduction Americans can take when filing taxes, potentially allowing taxpayers to keep more of their income – to the tune of a couple thousand dollars, White House sources told Fox News.

A piece of the proposed tax overhaul would nearly double the standard deductions that both individuals and families can claim on their returns, Fox News reported. Under the proposal, the tax cuts for individuals and married couples filing separately will increase from $6,300 to $12,600. The standard deduction for a married couple filing jointly will jump from $12,700 to approximately $24,000.

White House sources also said the plan would eliminate the marriage penalty.
This is all part of Making America Great Again.

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