University of Kansas

Trump plan would raise tax deductions, lower corporate and small business rates

Trump plan would raise tax deductions, lower corporate and small business rates

President Donald Trump on Wednesday plans to call for a significant increase in the standard deduction people can claim on their tax returns, potentially putting thousands of dollars each year into the pockets of tens of millions of Americans, according to two people briefed on the plan.

The change is one of several that the White House will propose when it provides an outline of the tax overhaul pitch Trump will make to Congress and the American people as he nears his 100th day in office.

He will propose a sharp reduction in the corporate tax rate, but also major changes to the taxes individuals and families pay. White House officials believe these changes will give Americans...

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