Trump’s tax plan to include increase in standard deduction

Trump’s tax plan to include increase in standard deduction

The Trump Administration is expected to release their proposed changes to the tax code today, Wednesday the 26th. As reports show, this proposal is expected to include a reduction in the corporate tax rate from 35% to 15% as well as other tax cuts which will help small businesses and middle class families alike. The President is also calling for an overall simplification of the tax code from seven brackets to three. If enacted, this plan could drastically alter the business climate in the United States as corporations will feel a much smaller tax burden, spurring growth and increased development all across the country.

 

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