Tags: Trump Tax Reform | donald trump | tax plan | personal deductions

Trump's Tax Plan Includes Changes to Personal Deductions

Image: Trump's Tax Plan Includes Changes to Personal Deductions
President Donald Trump (AP Images)

By    |   Wednesday, 26 Apr 2017 04:53 PM

Included in President Donald Trump's tax proposal unveiled Wednesday are changes to personal deductions, although the administration was short on details.

The White House said it would provide tax relief for families with child care expenses. Specifics were not discussed when the plan was announced during Wednesday's White House press briefing.

The plan does, however, take away personal tax benefits except for retirement savings, charitable giving, and mortgage interest. The alternative-minimum tax and the estate tax would go away under the proposal.

The standard deduction for married people filing jointly would increase from $12,700 to about $24,000. For married couples filing separately, the standard deduction would jump from $6,300 to $12,600.

On the other hand, the proposal would trim other deductions utilized by wealthier Americans. These would include deductions for state and local tax payments, a change that could alienate support from lawmakers in states such as California and New York with higher state taxes.

The proposal calls for a simplification of the tax code, with the number of tax brackets shrinking from seven to three: 10 percent, 25 percent, and 35 percent.

Information from the Associated Press was used in this report.

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Included in President Donald Trump's tax proposal unveiled Wednesday are changes to personal deductions, although the administration was short on details.
donald trump, tax plan, personal deductions
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2017-53-26
Wednesday, 26 Apr 2017 04:53 PM
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