Republicans are poised to raise the lowest individual tax rate while dropping the top rate
The GOP plans to raise the lowest individual tax rate from 10 percent to 12 percent while dropping the tax rate for the wealthiest Americans from 39.6 percent to 35 percent, Axios reports, based on conversations with five senior Republicans.
The White House intends to sell the plan as a "tax cut" for the middle class by doubling the standard deduction, which will leave many people paying no taxes: "The standard deduction would almost double to $12,000 for a single filer and $24,000 for married couples, meaning Trump can accurately argue that many more low-income earners would pay no tax under his plan," Axios writes. The seven tax brackets would be collapsed down to three.
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