AP: GOP tax plan nearly doubles standard deduction
WASHINGTON — President Donald Trump and members of Congress are proposing a tax plan that they say will be simple and fair.
In a document obtained by The Associated Press on Wednesday, the plan almost doubles the standard deduction for married taxpayers filing jointly to $24,000, and $12,000 for individuals.
The plan calls for cutting the corporate tax rate from 35 percent to 20 percent. The GOP proposal also calls for reducing the number of tax brackets from seven to three with a surcharge on the wealthiest Americans.
The plan also leaves intact the deduction for mortgage interest and charitable deductions.
The White House and Republicans plan a formal roll out later Wednesday.