How Trump's proposals may affect every income tax bracket

[Yo_Mama_Been_Loggin]

During the campaign, President Donald Trump proposed the most significant tax cuts since Ronald Reagan.

Trump's tax plan calls for reducing personal income tax rates from seven to three brackets: 12 percent, 25 percent and 33 percent. His plan also would increase the standard deduction to $15,000, up from $6,300 for single filers, and to $30,000 for married couples filing jointly, up from $12,600.

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Trump's plan also calls for the repeal of the alternative minimum tax and the estate tax. With the elimination of the AMT, itemized deductions would be worth more, Speiss said.

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Not all taxpayers would benefit from Trump's proposals. His plan calls for repealing personal exemptions for taxpayers and their dependents as well as the head of household filing status.
If that happens, single parents with dependent children and most married households with at least three dependents would pay more in federal income taxes.
About 20 percent of households and more than half of single parents would pay more in taxes under Trump's tax plan even with the child-care breaks, according to an analysis by the Tax Policy Center from New York University law professor Lily Batchelder. (See table below.)

https://www.msn.com/en-us/money/taxes/how-trumps-proposals-may-affect-every-income-tax-bracket/ar-AAm7dZC?li=BBnb7Kz&ocid=edgsp

[brooklynite]

1. Well, I'll be doing well...more money to fund the Democratic Party resurgence...

[Missn-Hitch]

3. +1

[roamer65]

2. It will blow a hole in the federal deficit.

I'd start getting out of the dollar now. Whatever retains it value under a currency crisis.