Fed Tax News Post for August 15 2017
Although the House and Senate are on recess, White House and congressional tax staffers are meeting to work on tax reform. Two top goals are cutting and simplifying individual taxes. President Trump wants to cut the top individual rate from 39.6% to 35%. House GOP leaders have proposed cutting it to 33%. Trump also wants to shrink the number of tax brackets from seven to three and double the standard deduction. The White House plans to release a brief document by mid-September outlining a framework for overhauling the tax code to achieve those and other goals.