On Tuesday the Internal Revenue Service (IRS) announced some tax benefits will increase in 2017 in order to adjust for inflation. According to the IRS the standard deduction for married couples in 2017 will be $12,700, up from $12,600, and both the earned income tax credit and the amount exempt from the estate tax will also see slight increases. The top individual tax rate will apply to those making $418,400 or more as opposed to $415,050 or more in 2016.
Yesterday the American Action Forum released an analysis of Donald Trump’s proposal to cut 70 to 80 percent of U.S. Regulations. The analysis finds that in order to achieve this goal, between $700 and $800 billion in regulatory costs would need to be cut. The analysis further shows that it would likely take a generation in order to accomplish this goal.
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