AEI Tax Brief: Increasing the Standard Deduction
Alex Brill | AEI Tax Brief
Under current law, taxpayers can claim the standard deduction as an alternative to itemizing deductions. In 2017, the standard deduction is $6,350 for single filers, $9,350 for head of household filers, and $12,700 for married couples filing jointly.
Both the House GOP and President Trump have proposed increasing the standard deduction.Using the open-source Tax-Calculator, I present results describing the effects of increasing the standard deduction by 25%, 50%, 100%, and 200%.