Recently Released: Trump’s Tax Reform Proposal

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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.

Tax Brackets

Three brackets may replace the existing seven-bracket structure. The new brackets would be set at 10%, 25%, and 35%.

Standard Deduction

The existing standard deduction could be doubled. Under the existing structure, individuals can deduct $6,350 and married couples can deduct $12,700.

Itemized Deductions

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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