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Why increasing the standard deduction is a big change now, and maybe later

A key component of the Republican tax plan is doubling the standard deduction for individuals. The standard deduction reduces the amount of income on which you pay taxes, so doubling it means folks who typically take the standard deduction could have lower taxable income. And it also could lead more people to take the standard […]

A key component of the Republican tax plan is doubling the standard deduction for individuals. The standard deduction reduces the amount of income on which you pay taxes, so doubling it means folks who typically take the standard deduction could have lower taxable income. And it also could lead more people to take the standard deduction instead of itemizing. And that would be a change that would create a whole lot of significant economic ripples.

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