Tags: Trump Tax Reform | trump | tax reform | proposal | deduction

Trump to Call for Increased Standard Deduction

Image: Trump to Call for Increased Standard Deduction
(AP)

By    |   Wednesday, 26 Apr 2017 01:00 PM

President Donald Trump's tax reform plan will reportedly include a much larger standard deduction, The Washington Post reports.

According to the tax reform plan:

  • Trump will ask to lower the corporate tax rate from 35 percent to 15 percent and to lower the tax rate for small businesses that file under the individual tax code.
  • The White House will likely put in place safeguards against large businesses taking advantage of the new tax rate.
  • The White House also hopes to create an expanded Child and Dependent Care Credit.
  • An estimate from the Tax Policy Center says that if Trump raises the deduction to the levels he proposed during the campaign, roughly 27 million tax filers could use the standard deduction.

Fox News reports White House sources claimed Trump's plan will also increase tax cuts for married couples.

Rep. Kevin Brady, R-Texas, who chairs the House Ways and Means Committee told the Post: "I think the bolder the better in tax reform," and said he's "excited that the president is going for a very ambitious tax plan."

Democrats have argued against the 15 percent corporate tax rate. Ohio Sen. Sherrod Brown, when asked if that figure was possible, told reporters: "It is, if you want to blow a hole in the federal budget and cut a whole lot of things like Meals on Wheels and Lake Erie restoration and then lie about the growth rate of the economy."

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President Donald Trump's tax reform plan will reportedly include a much larger standard deduction, according to The Washington Post.
trump, tax reform, proposal, deduction
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2017-00-26
Wednesday, 26 Apr 2017 01:00 PM
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