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Trump Plans to Call for Large Increase in Tax Deductions

  • As per reports, US President Donald Trump on Wednesday is planning to call for an increase in the standard deduction which will make it easier for people of America to claim their tax return. As briefed by the sources, this will potentially help Americans each year with hundreds of dollars in their pockets.

    Reports also say that there is going to be a sharp fall in the corporate tax rate, from 35 percent to 15 percent. Trump is also going to lessen the tax rate for millions of small businesses. This would help them to avoid filing their tax return under the individual tax code.

    This new tax package proposal has reportedly won the support of most of the business community.