I'm not going to write too much about this right now, since we still don't have all the specifics, but President Trump today unveiled at least part of the GOP tax reform plan.
So far, we're hearing that the three-tiered rates are locked in. We don't know the specific income cutoffs, but we do know he wants to raise the bottom rate from 10% to 12%. The catch is, along with that, he wants to increase the standard deduction to $12,000 for a single filer and $24,000 for those who are "married filing jointly."
