Trump will call for a sharp reduction in the corporate tax rate, from 35 percent to 15 percent. The existing standard deduction Americans can claim is $6,300 for individuals and $12,600 for married couples filing jointly. A taxpayer who claims the standard deduction cannot also itemize deductions for items such as mortgage interest or charitable giving. But if the standard deduction is large enough, many would be likely to bypass the itemized deduction. Congressional Republicans praised President Trump’s ambitious effort to overhaul the tax code and slash corporate income tax rates to 15 percent.

Source: Washington Post April 25, 2017 23:46 UTC