Monday, April 10, 2017

Individual Income Tax

Trump is talking about raising the standard deduction from $6300 to $15000 for individuals and from $12600 to $30000 for couples. Deductions for mortgage interest and charitable gifts will remain as deductions.


Still in discussion are the rates that range from the current 10% of taxable income to 33% as the highest rate.


Trump's promise to lower taxes for all Americans involves narrowing down the current seven-tier ordinary income-tax brackets (ranging from a low of 10% to a high of 39.6%) to just three ordinary income brackets (12%, 25%, and 33%). If this three-bracket proposal looks familiar, it's because House Republicans were proposing it before President Trump adopted it during his campaign.


Trump’s Individual Income Tax rate proposal should be reviewed by Congress and compared to the current tax rates. Also changes in deductions need to be determined, reviewed and compared to the current tax code and shared with US citizens. 


There is good reason to change the tax forms for non-citizens to end tax fraud. The child tax credit should be restricted to US citizens only.  IRS has allowed Illegals to claim dependents who don’t live with them and they send $billions back to Mexico.


Norb Leahy, Dunwoody GA Tea Party Leader

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