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If Trump changes your taxes, here are the deductions and breaks that could go away
Source:
cnbc.com
- Apr 26, 2017
The question of whether you'll be paying more in taxes under President Donald Trump may hinge on how much you use tax deductions now.
Trump has said he will unveil on Wednesday the outlines of his campaign promise to overhaul the sprawling U.S. tax code with a simpler system that lowers tax rates. But even as those rates come down, closing loopholes and eliminating popular deductions will expose more of the average household's income to taxes.
It remains to be seen how deeply the plan cuts into the most widely used deductions, which cost the government hundreds of billions of dollars in lower taxes.
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Category: General Business
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