3 Things the President’s Tax Reform Will Do for Hardworking Americans

Last updated on: November 3, 2017 at 8:37 am by Martha English

3 Things the President’s Tax Reform Will Do for Hardworking Americans 2017-11-03T08:37:11-05:00 Martha English

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TAX CUTS AND TAX RELIEF: The Unified Framework supported by President Trump will mean hardworking Americans can keep more of their money.

• Double the standard deduction so that more income is taxed at zero percent.

o The first $12,000 of income for individuals and $24,000 for married couples will be income tax-free.

• Lower individual income tax rates to: 12 percent, 25 percent, and 35 percent.

• Increase the Child Tax Credit and expand it to benefit more middle-income families and eliminate the marriage penalty.

• Create a new $500 tax credit for those caring for an adult dependent or elderly loved one.

Image Credit: Gage Skidmore on Flickr

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