Nearly doubling the standard tax deduction
The 2017 tax bill completely failed to deliver an investment boom, but in exchange, it lightened the tax load of many low-income earners but as simplified their life. Right before the tax bill, the standard deduction for taxpayers was $6,350 for those who were single, $9,350 for those who were heads of household, and $12,700 for married couples, alongside the personal exemption of $4,050.
Beyond this protected amount, low-income taxpayers can deduct additional amounts, only if they kept their records. The tax law swept away that particular need for record-keeping through low-wage workers.
Well, it nearly doubled the standard deduction, as for income that was earned in 2020, single people paid no income tax on their first $12,400, and heads of household on their first $18,650, but also married couples on their first $24,800.
The majority of the benefits of the 2017 bill were fully collected by the richest, and this measure did a great service, not only to the working poor but also to the many middle-income families, who can easily deduct more while reporting less.
2 thoughts on “7 Unexpected Things Trump Actually Got Right – Part II”
President Trump is the best president this country has ever had and I thank God for choosing him to do what seemed impossible! My family prospered more under President Trump than we ever had under any other President or official. My family not only prospered financially but we have learned some extremely valuable truths/lessons that have helped prosper us in other ways that have enriched our family. He exposed truth that otherwise would have have trapped and enslaved us to corrupt institutions and taught all of us how to be a free people. President Trump may God bless you and yours for eternity!
I’m sure “The Captain” knows who actually proposed these initiatives in Congress, or whether or not they were Executive Orders. The fact that Trump signed them is good. His Administration did perform some reasonable acts , mostly overshadowed by an unreasonable tone and attitude toward Democracy, and a phony discourse of their concern for Veterans and the working class. Therefore, he was righteously defeated in his bid for re-election , and is now just basically and anti-government bearer of potentially traitoress aspirations and attitudes.