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GOP Agrees to Raise Bottom Tax Rate, Double Standard Deduction in ‘Tax Cut’ Proposal

Standard deduction would increase to $12,000 for single filers, $24,000 for married couples.

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Yuri Gripas/Reuters

Republican congressional leaders have agreed to raise the lowest individual tax rate to 12 percent from 10 percent, while also doubling the standard deduction, Axios reported Tuesday. President Trump reportedly intends to present the proposal in Indiana on Wednesday as a populist “tax cut” as part of his administration’s effort to overhaul the tax code. Under the proposal, the standard deduction would increase to $12,000 for a single filer and $24,000 for married couples, allowing Trump to argue that more low-income earners would not pay any taxes under the plan.

Read it at Axios

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