We exclusively revealed a trove of details last night on Donald Trump ‘s much anticipated tax-reform code plan to be unveiled this afternoon in Washington. Now, we’ve gotten our hands on additional documentation related to individual taxes and such in the US. Under Trump ‘s new proposal, people would be able to see a standard deduction of $15,000 on individual taxes instead of just the average $6,000 standard deduction most take on their taxes each year.
As we previously noted, the main focal point of Trump ‘s tax-reform plan is actually cutting the business tax rate to just 15%. The problem? Democrats like Elizabeth Warren have already pointed out that the main people who will instantly benefit from such cuts, er, would actually be Donald Trump and his massive real-estate empire.
White House officials claim that these cuts and the increase in reported standard deductions would give people thousands of more dollars a year to spend on their homes and gross annual income.