Political

Here are the winners and losers of the Trump tax cuts

The Tax Cuts and Jobs Act trimmed individual tax rates overall, lowering the top rate to 37% from 39.6%.

Corporations also saw their levies fall, as their income tax rates declined to 21% from 35%.

At the same time, the standard deduction for single filers went up to $12,000 in 2018 from $6,350 in 2017 (married filers with joint returns saw their standard deduction rise to $24,000 from $12,700).

The 2018 tax overhaul also curbed certain itemized deductions.

It also did away with personal exemptions, which once were $4,050 for yourself and each dependent in your household.

Due to the higher standard deduction, fewer people itemized on their returns.

More than 14.6 million individual income tax returns claimed itemized deductions, such as charitable giving write-offs and property taxes paid, during the 2018 tax year, according to IRS data through July 25, 2019 – the most recent figures available.

In comparison, 42.2 million returns filed for the 2017 tax year used itemized deductions, according to IRS data through July 25, 2018.

Article source: https://www.cnbc.com/2020/02/13/these-are-the-winners-and-losers-of-the-trump-tax-cuts.html

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