- Aug 6, 2012
- 28,065
- 24,864
- 2,405
Wow, a $24,000 deductible. Effectively zero tax for so many. A libertarian tax reform pursuit if ever there was one. Quite simplified also.
Less government and hands in the pockets of American so they can spend and invest for their own futures. What a novel idea.
Republicans unveil tax plan, call for doubling deduction and cutting rates
Congressional Republicans unveiled a sweeping tax plan Wednesday that would simplify the tax system, cut rates and nearly double the standard deduction used by most Americans.
“After a decade of lost growth, hardworking American families know the status quo is unacceptable,” Senate Majority Leader Mitch McConnell, R-Ky., said in a statement. “They want to keep more of their hard earned money so they can make ends meet, provide for their children, and save for retirement.”
Republicans released a framework of the plan that was hammered out by House and Senate lawmakers in coordination with the Trump administration. President Trump plans to give a speech on the plan in Indianapolis Wednesday afternoon.
The stakes are high, after Republicans a day earlier scrapped their latest effort to repeal and replace ObamaCare. Now, the legislative focus will shift to tax reform, which Trump has been eager to tackle since taking office.
The plan, as outlined in the framework, nearly doubles the standard deduction to $12,000 for individuals and $24,000 for families. This basically increases the amount of personal income that is tax-free.
Congressional Republicans describe this as creating a larger “zero tax bracket.”
The plan also collapses the number of personal tax brackets from seven to three. By simplifying the system, most Americans would be able to file their taxes on a postcard, the plan says.
Less government and hands in the pockets of American so they can spend and invest for their own futures. What a novel idea.
Republicans unveil tax plan, call for doubling deduction and cutting rates
Congressional Republicans unveiled a sweeping tax plan Wednesday that would simplify the tax system, cut rates and nearly double the standard deduction used by most Americans.
“After a decade of lost growth, hardworking American families know the status quo is unacceptable,” Senate Majority Leader Mitch McConnell, R-Ky., said in a statement. “They want to keep more of their hard earned money so they can make ends meet, provide for their children, and save for retirement.”
Republicans released a framework of the plan that was hammered out by House and Senate lawmakers in coordination with the Trump administration. President Trump plans to give a speech on the plan in Indianapolis Wednesday afternoon.
The stakes are high, after Republicans a day earlier scrapped their latest effort to repeal and replace ObamaCare. Now, the legislative focus will shift to tax reform, which Trump has been eager to tackle since taking office.
The plan, as outlined in the framework, nearly doubles the standard deduction to $12,000 for individuals and $24,000 for families. This basically increases the amount of personal income that is tax-free.
Congressional Republicans describe this as creating a larger “zero tax bracket.”
The plan also collapses the number of personal tax brackets from seven to three. By simplifying the system, most Americans would be able to file their taxes on a postcard, the plan says.
