Trump ‘s proposed tax plan is officially available for the world to discuss, and now, we’ve got the final cemented details. As we previously reported, standard deductions for people and married couples are set to rise under his plan. Per the plan, married couples would see their proposed deduction rate go from $12,000 to $24,000.
Businesses would see their rates drop effectively to 15%, while, the estate and alternative minimum tax rate would be abolished entirely. These two feats, here, have already caused much discussion among lawmakers especially Democrats angry that Trump still hasn’t released his own current tax returns.
The proposed plan would indeed cause states like California and New York City to rebel, considering, they actually have much higher state taxes than other states in the continental U.S.