Donald Trump will make Americans happy increasing deduction allowed on taxes


White House officials are also working to develop an expanded Child and Dependent Care Credit, which they hope would benefit low- and middle-income families. White House officials think these changes will give Americans and companies more money to spend, expand the economy and create more jobs. During the campaign, Trump proposed raising the standard deduction to $15,000 for individuals and $30,000 for families. Deductions lead however to a large loss of government revenue. Democrats denounced the 15 percent corporate tax rate and criticized Mnuchin, who said that faster economic growth would generate enough new tax revenue to compensate for the corporate rate cuts.


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