House Republicans Friday released a portion of their draft tax legislation that would temporarily increase the standard deduction and allow for more business deductions.
The House Ways and Means Committee will hold a markup next week to consider its mammoth tax proposal.
House Republicans in their initial rollout proposed increasing the standard deduction until Jan. 1, 2029 by $2,000 for joint returns, $1,500 for heads of households, and $1,000 for individual filers, amounting to a tax cut for most American taxpayers for the duration of the Trump’s second term.
Pass-through entities will also be allowed to deduct more of the ...
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