The franchise tax. The sales tax. The corporate income tax. The personal income tax. JLF’s Joe Coletti analyzes tax reform proposals in the House and Senate budget plans. For example:
Both budget proposals would increase the standard deduction available to taxpayers. The Senate’s plan would raise the amount for married couples filing taxes jointly to $20,000 (from $17,500), for head of household to $15,000 (from $14,000), and for single or married filing separately to $10,000 (from $8,750). The House proposes standard deductions of $18,500, $14,800, and $9,250, respectively. This increase may not provide as much economic benefit as a reduction in business tax rates, but it would go directly to families and have more effect on families with lower incomes.
Read Joe’s analysis here.