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trump s tax plan how it affects you tax chart the balance trump s tax plan doubles the standard deduction a single filer s deduction increases from $6 350 to $12 000 the deduction for married and joint filers increases from $12 700 to $24 000 it reverts back to the current level in 2026 it s estimated that 94 percent of taxpayers will take the standard deduction house tax reform plan would raise deficit by $1 7 trillion the amended house republican tax plan will increase bud deficits by $1 7 trillion over 10 years according to the cbo dueling trump and gop tax plans would both cause much the issue of business taxes both the trump plan and the house plan would slash the current 35 percent tax on business in e to 15 percent and 20 percent respectively both would allow cbo senate tax plan would increase deficit by $1 4t over the senate gop s tax plan would increase the deficit by $1 4 trillion over the next 10 years the congressional bud fice estimates 55 creative house tax plan deficit – remember me rose tax cuts and jobs act of 2017 from house tax plan deficit source enpedia house tax reform plan would raise deficit by $1 7 trillion republicans argue that growth sparked by the bill will help to offset or cancel out entirely the bud shortfall caused by broad tax cuts under bud rules congressional republicans are using to pass a tax most economists agree trump tax plan will widen bud in apparent recognition that the plan may boost the deficit over the next 10 years key gop senators last week struck a deal to advance a 2018 bud resolution a step toward passing a tax bill gop tax plan will explode deficit wharton study the republican tax plan expected to be released this week will explode the deficit according to a study from the university of pennsylvania s wharton school released monday how the house and senate tax plans stack up bloomberg the senate approved its bill dec 2 which diverges in some key ways from the house bill approved nov 16 those differences will need to be resolved before a bill can be passed into law the house gop tax plan explained the washington post president trump and gop house speaker paul d ryan wis won a major victory as the house passed the tax bill thursday the central piece of the republican plan to boost the u s economy

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