For individuals and families:
-Lowers individual tax rates for low- and middle-income
Americans to Zero, 12%, 25%, and 35% so people can keep more
of the money they earn throughout their lives, and continues
to maintain 39.6% for high-income Americans.
-Significantly increases the standard deduction to protect
roughly double the amount of what you earn each year from
taxes – from $6,350 to $12,000 for individuals and $12,700
to $24,000 for married couples.
-Eliminates special-interest deductions that increase rates
and complicate Americans’ taxes – so an individual or family
can file their taxes on a form as simple as a postcard.
-Takes action to support more American families by:
-Establishing a new Family Credit – which includes expanding
the Child Tax Credit from $1,000 to $1,600 to help parents
with the cost of raising children, and providing a credit of
$300 for each parent and non-child dependent to help all
families with their everyday expenses.
-Preserving the Child and Dependent Care Tax Credit to help
families care for their children and older dependents such
as a disabled grandparent who may need additional support.
-Preserves the Earned Income Tax Credit to provide important
tax relief for low-income Americans working to build better
lives for themselves.
-Streamlines higher education benefits to help families save
for and better afford college tuition and other education
expenses.
-Continues the deduction for charitable contributions so
people can continue to donate to their local church,
charity, or community organization.
-Preserves the home mortgage interest deduction for existing
mortgages and maintains the home mortgage interest deduction
for newly purchased homes up to $500,000 – providing tax
relief to current and aspiring homeowners.
-Continues to allow people to write off the cost of state
and local property taxes up to $10,000.
-Retains popular retirement savings options such as 401(k)s
and Individual Retirement Accounts so Americans can continue
to save for their future.
-Repeals the Alternative Minimum Tax so millions of
individuals and families will no longer have to worry about
calculating their taxes twice each year and pay the higher
amount.
-Provides immediate relief from the Death Tax by doubling
the exemption and repealing the Death Tax after six years.
Family-owned farms and businesses will no longer have to
worry about double or triple taxation from Washington when
they pass down their life’s work to the next generation.
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