As a result of these changes, the tax burden on most Americans would be reduced under the plan. The Trump administration would eliminate most itemized tax deductions except for the deductions for mortgage interest and charitable donations. Notably, taxpayers would not be able to deduct state and local taxes, which hurts residents of high-tax states such as New York and California. Lower tax rates, however, make these deductions less valuable.
Trump's tax break to America is coming to all US citizens across the board from businesses to the regular American citizen. This is the first true tax cut in American history, as it's the first tax cut since the creation of the Federal Reserve in 1913 that allows the first $24,000 dollars of income nontaxable. However this is just a proposal and is bound to even get better, the shitty part is that it has to pass two House votes...And a vote on this major tax cut for America could expose all of Washington with those who vote against it.
Every American citizen with a job will basically have thousands of extra dollars to save, invest, or spend anyway you please, now that Trump's tax plan calls for the first $24,000 of all income to be nontaxable. Now that Trump's tax plan calls for $24,000 dollars of nontaxable income...Will some Americans who hate Trump lay off now that they know Trump will put extra money in their pocket. Presidential administrations before Trump have all lied to the American people about tax cuts, and President Trump sticks to his promise of tax relief for the American people...Finally some change.