Without providing any substantial detail or legislative text, earlier this week the White House presented a one-page document titled “2017 Tax Reform for Economic Growth and American Jobs”.
Here are some items that may affect individual taxpayers.
Three brackets may replace the existing seven-bracket structure. The new brackets would be set at 10%, 25%, and 35%.
The existing standard deduction could be doubled. Under the existing structure, individuals can deduct $6,350 and married couples can deduct $12,700.
The plan would limit itemized deductions to mortgage interest and charitable contributions. A very popular deduction for State and Local Income Taxes would …read more
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